Jefferies Financial Group Initiates Coverage on Crescent Biopharma (NASDAQ:CBIO)

Key Points

• Jefferies Financial Group has initiated coverage on Crescent Biopharma (NASDAQ:CBIO), assigning a "buy" rating and a price target of $26.00, suggesting a potential upside of 72.64% from its previous close.
• Other analysts have mixed ratings for Crescent Biopharma, with reports ranging from a "sell" rating by Wall Street Zen to "strong-buy" ratings from TD Cowen and Lifesci Capital, leading to a consensus rating of "Buy" with an average target of $25.60.
• The stock has shown volatility, opening at $15.06 on Monday, with a 12-month low of $10.83 and a high of $63.00, while institutional investors currently hold approximately 75.19% of the shares.

Jefferies Financial Group assumed coverage on shares of Crescent Biopharma (NASDAQ:CBIO - Free Report) in a research note issued to investors on Monday morning, Marketbeat reports. The brokerage issued a buy rating and a $26.00 price objective on the biopharmaceutical company's stock.

A number of other analysts have also commented on CBIO. TD Cowen raised Crescent Biopharma to a "strong-buy" rating in a report on Friday, June 20th. Wall Street Zen downgraded Crescent Biopharma from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Wedbush began coverage on Crescent Biopharma in a research report on Monday, July 14th. They set an "outperform" rating and a $27.00 target price on the stock. HC Wainwright began coverage on Crescent Biopharma in a research report on Monday, August 11th. They set a "buy" rating and a $25.00 target price on the stock. Finally, Stifel Nicolaus began coverage on Crescent Biopharma in a research report on Wednesday, June 25th. They set a "buy" rating and a $28.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $25.60.

Crescent Biopharma Stock Up 1.8%

Shares of Crescent Biopharma stock traded up $0.25 on Monday, reaching $14.40. The company's stock had a trading volume of 49,639 shares, compared to its average volume of 99,205. The company has a market cap of $281.52 million, a P/E ratio of -0.41 and a beta of 1.51. The company's fifty day moving average price is $13.86. Crescent Biopharma has a 52 week low of $10.83 and a 52 week high of $63.00.

Institutional Investors Weigh In On Crescent Biopharma

Hedge funds have recently made changes to their positions in the company. Bank of America Corp DE purchased a new stake in shares of Crescent Biopharma in the second quarter worth about $149,000. Jefferies Financial Group Inc. purchased a new stake in Crescent Biopharma during the second quarter valued at approximately $437,000. Adage Capital Partners GP L.L.C. purchased a new stake in Crescent Biopharma during the second quarter valued at approximately $1,629,000. Braidwell LP purchased a new stake in Crescent Biopharma during the second quarter valued at approximately $4,221,000. Finally, Affinity Asset Advisors LLC purchased a new stake in Crescent Biopharma during the second quarter valued at approximately $4,520,000. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Biopharma Company Profile

Crescent Biopharma, Inc operates as a biopharmaceutical company that develops and designs small molecule therapeutics to treat cancers. The company was founded on September 19, 2024 and is headquartered in Waltham, MA.