Crescent Biopharma (NASDAQ:CBIO) Share Price Passes Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Crescent Biopharma (NASDAQ:CBIO) shares moved above their 200-day moving average, trading as high as $16.94 before closing at $15.11. The stock’s 200-day average is $15.49, while its 50-day average sits higher at $18.19.
• The company reported quarterly earnings of ($0.70) per share, beating analyst estimates of ($0.85), and revenue of $1.04 million versus expectations of $0.36 million. Analysts currently have a consensus rating of Moderate Buy with a price target of $29.40.
• Insider activity showed CEO Joshua T. Brumm and COO Jonathan Mcneill both sold shares on June 22 under pre-arranged 10b5-1 plans, mainly for tax withholding tied to equity awards. Insiders have sold 68,156 shares over the last three months, while institutional investors own 75.19% of the stock.

Crescent Biopharma, Inc. (NASDAQ:CBIO - Get Free Report) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $15.49 and traded as high as $16.94. Crescent Biopharma shares last traded at $15.11, with a volume of 857,483 shares traded.

Analyst Upgrades and Downgrades

Several analysts recently commented on CBIO shares. Weiss Ratings upgraded shares of Crescent Biopharma from a "sell (e)" rating to a "sell (d-)" rating in a report on Wednesday, May 13th. HC Wainwright reiterated a "neutral" rating on shares of Crescent Biopharma in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Crescent Biopharma presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.40.

Crescent Biopharma Stock Performance

The company has a market capitalization of $416.43 million, a PE ratio of -1.38 and a beta of 1.20. The stock has a 50 day moving average price of $18.19 and a two-hundred day moving average price of $15.49.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) EPS for the quarter, topping analysts' consensus estimates of ($0.85) by $0.15. The firm had revenue of $1.04 million during the quarter, compared to analyst estimates of $0.36 million. Sell-side analysts predict that Crescent Biopharma, Inc. will post -3.25 earnings per share for the current year.

Insider Buying and Selling at Crescent Biopharma

In other news, CEO Joshua T. Brumm sold 42,305 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $17.99, for a total transaction of $761,066.95. Following the transaction, the chief executive officer owned 281,212 shares of the company's stock, valued at approximately $5,059,003.88. This represents a 13.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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, COO Jonathan Mcneill sold 20,549 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $17.99, for a total value of $369,676.51. Following the completion of the sale, the chief operating officer owned 139,158 shares of the company's stock, valued at approximately $2,503,452.42. This trade represents a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 68,156 shares of company stock worth $1,226,126 over the last three months. Company insiders own 4.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE lifted its position in Crescent Biopharma by 425.3% during the 1st quarter. Bank of America Corp DE now owns 29,277 shares of the biopharmaceutical company's stock worth $538,000 after acquiring an additional 23,704 shares during the last quarter. Exome Asset Management LLC bought a new position in shares of Crescent Biopharma in the first quarter worth about $2,814,000. OMERS ADMINISTRATION Corp lifted its position in shares of Crescent Biopharma by 53.4% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 17,800 shares of the biopharmaceutical company's stock worth $327,000 after purchasing an additional 6,200 shares during the last quarter. Jennison Associates LLC bought a new stake in Crescent Biopharma during the 1st quarter valued at approximately $2,810,000. Finally, Cannon Global Investment Management LLC acquired a new stake in Crescent Biopharma in the 1st quarter valued at approximately $187,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

About Crescent Biopharma

Crescent Biopharma, Inc NASDAQ: CBIO is a clinical‐stage immuno‐oncology company focused on the discovery, development and commercialization of novel therapies for patients with solid tumors. The company's research strategy centers on combination approaches that enhance anti‐tumor immune responses by simultaneously targeting multiple pathways implicated in immune evasion and tumor growth.

The company's lead candidate, CPB-201, is a bifunctional fusion protein designed to block programmed death-ligand 1 (PD-L1) while neutralizing transforming growth factor-beta (TGF-β), with the goal of restoring T-cell activity and reducing tumor fibrosis.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.