Piper Sandler Has Lowered Expectations for Crescent Biopharma (NASDAQ:CBIO) Stock Price

Key Points

• Piper Sandler cut its price target on Crescent Biopharma to $32 from $35 but maintained an “overweight” rating, implying 127.5% upside from the prior close.
• Analyst views remain mixed but lean positive: the consensus is “Moderate Buy” with a $33.17 target, while HC Wainwright raised its target to $40 and Weiss Ratings maintained a sell rating.
• CBIO shares fell 2.1% to $14.07 on Friday. The company’s latest quarterly loss per share of $0.90 was wider than the $0.70 analysts expected, although revenue of $3.12 million exceeded estimates.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) had its target price cut by analysts at Piper Sandler from $35.00 to $32.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the biopharmaceutical company's stock. Piper Sandler's price target would indicate a potential upside of 127.50% from the company's previous close.

Several other brokerages have also recently issued reports on CBIO. HC Wainwright boosted their price objective on shares of Crescent Biopharma from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Friday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Crescent Biopharma in a research report on Wednesday, November 4th. TD Cowen raised Crescent Biopharma to a "strong-buy" rating in a research report on Monday, August 24th. Wedbush reiterated an "outperform" rating and issued a $27.00 target price on shares of Crescent Biopharma in a report on Monday, September 14th. Finally, UBS Group reissued a "buy" rating and set a $36.00 price target on shares of Crescent Biopharma in a research report on Monday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Crescent Biopharma currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.17.

Crescent Biopharma Stock Down 2.1%

Shares of CBIO traded down $0.30 during mid-day trading on Friday, hitting $14.07. The company had a trading volume of 92,405 shares, compared to its average volume of 294,951. The business's 50-day simple moving average is $14.93 and its 200-day simple moving average is $15.86. Crescent Biopharma has a 1-year low of $8.72 and a 1-year high of $27.41. The stock has a market cap of $522.41 million, a PE ratio of -2.10 and a beta of 1.40.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last released its earnings results on Thursday, November 12th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.20). The company had revenue of $3.12 million for the quarter, compared to analysts' expectations of $0.62 million. On average, sell-side analysts expect that Crescent Biopharma will post -2.93 earnings per share for the current year.

Insider Buying and Selling

In other Crescent Biopharma news, COO Jonathan McNeill sold 3,839 shares of the business's stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $16.71, for a total transaction of $64,149.69. Following the completion of the sale, the chief operating officer directly owned 134,588 shares in the company, valued at $2,248,965.48. The trade was a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joshua Brumm sold 7,837 shares of the business's stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $16.71, for a total transaction of $130,956.27. Following the sale, the chief executive officer owned 271,765 shares of the company's stock, valued at approximately $4,541,193.15. This represents a 2.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 16,726 shares of company stock worth $285,501. 24.84% of the stock is currently owned by corporate insiders.

Institutional Trading of Crescent Biopharma

Several large investors have recently added to or reduced their stakes in CBIO. Opaleye Management Inc. raised its position in Crescent Biopharma by 0.5% in the second quarter. Opaleye Management Inc. now owns 1,319,351 shares of the biopharmaceutical company's stock valued at $23,748,000 after purchasing an additional 6,736 shares during the period. BlackRock Inc. acquired a new position in Crescent Biopharma during the 2nd quarter worth approximately $22,892,000. State Street Corp lifted its position in Crescent Biopharma by 33.6% during the 3rd quarter. State Street Corp now owns 843,070 shares of the biopharmaceutical company's stock worth $12,300,000 after acquiring an additional 211,896 shares in the last quarter. Exome Asset Management LLC purchased a new position in Crescent Biopharma in the 1st quarter worth approximately $2,814,000. Finally, Jennison Associates LLC purchased a new position in Crescent Biopharma in the 1st quarter worth approximately $2,810,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

Crescent Biopharma Company Profile

Crescent Biopharma is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on antibody-based treatments, including therapies designed to target tumor cells and support the body's immune response. The company's work is directed toward advancing oncology drug candidates through clinical development. Its pipeline and programs may change as research progresses, and its products are investigational rather than established treatments. Crescent Biopharma is focused on developing its therapies for cancer patients; detailed information about its geographic operations and leadership is not included here.

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