Crescent Biopharma (NASDAQ:CBIO) Shares Gap Down - Should You Sell?

Key Points

• Crescent Biopharma shares fell 1.6%, opening at $16.68 versus a prior close of $17.33. The company has a market capitalization of approximately $609.9 million and recently reported an adjusted loss of $0.74 per share, in line with analyst expectations.
• Analyst sentiment is mixed: ratings include one Strong Buy, two Buys, one Hold and one Sell. Despite Weiss Ratings’ “sell” rating and HC Wainwright’s “neutral” stance, the consensus rating is “Moderate Buy” with a $29.40 price target.
• Company insiders sold 68,156 shares worth about $1.23 million over the past 90 days under pre-arranged plans to cover tax obligations, while institutional investors and hedge funds own a substantial 75.19% of outstanding shares.

Crescent Biopharma, Inc. (NASDAQ:CBIO - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $17.33, but opened at $16.68. Crescent Biopharma shares last traded at $16.6490, with a volume of 3,856 shares.

Analysts Set New Price Targets

Several analysts recently weighed in on CBIO shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Crescent Biopharma in a report on Friday. HC Wainwright reiterated a "neutral" rating on shares of Crescent Biopharma in a report on Thursday, July 16th. 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $29.40.

Crescent Biopharma Trading Down 1.6%

The company has a market cap of $609.90 million, a price-to-earnings ratio of -2.44 and a beta of 1.23. The stock has a 50-day simple moving average of $16.85 and a 200-day simple moving average of $16.00.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) EPS for the quarter, hitting analysts' consensus estimates of ($0.74). As a group, research analysts expect that Crescent Biopharma, Inc. will post -2.91 EPS for the current fiscal year.

Insider Buying and Selling at Crescent Biopharma

In other news, CEO Joshua T. Brumm sold 42,305 shares of Crescent Biopharma stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total value of $761,066.95. Following the transaction, the chief executive officer owned 281,212 shares of the company's stock, valued at $5,059,003.88. The trade was a 13.08% decrease in their position. The sale was disclosed in a document filed 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 Crescent Biopharma stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $17.99, for a total transaction of $369,676.51. Following the completion of the transaction, the chief operating officer owned 139,158 shares in the company, valued at approximately $2,503,452.42. This trade represents a 12.87% decrease in their position. 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. In the last 90 days, insiders sold 68,156 shares of company stock valued at $1,226,126. Insiders own 24.84% of the company's stock.

Hedge Funds Weigh In On Crescent Biopharma

Hedge funds have recently modified their holdings of the stock. OMERS ADMINISTRATION Corp boosted its position in shares of Crescent Biopharma by 53.4% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 17,800 shares of the biopharmaceutical company's stock valued at $327,000 after purchasing an additional 6,200 shares during the period. State Street Corp boosted its holdings in shares of Crescent Biopharma by 40.8% in the fourth quarter. State Street Corp now owns 26,217 shares of the biopharmaceutical company's stock worth $311,000 after buying an additional 7,600 shares during the period. Bank of America Corp DE purchased a new position in shares of Crescent Biopharma in the second quarter worth approximately $149,000. Cannon Global Investment Management LLC acquired a new stake in shares of Crescent Biopharma during the first quarter valued at approximately $187,000. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of Crescent Biopharma in the 2nd quarter valued at approximately $197,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

Crescent Biopharma Company Profile

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.

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