Crescent Biopharma (NASDAQ:CBIO) Shares Pass Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Crescent Biopharma shares crossed above their 200-day moving average ($12.45), trading as high as $19.59 and last at $18.32 on volume of 126,352 — a notable technical breakout.
• Analysts have a consensus Buy rating with an average target of $28, though recent notes range from high-target buy calls (Guggenheim $35) to a sell from Weiss.
• The company reported a larger-than-expected loss of ($4.01) EPS75.19% of the shares with several recent large purchases.

Crescent Biopharma, Inc. (NASDAQ:CBIO - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $12.45 and traded as high as $19.59. Crescent Biopharma shares last traded at $18.32, with a volume of 126,352 shares changing hands.

Analyst Ratings Changes

CBIO has been the subject of a number of analyst reports. Wall Street Zen upgraded Crescent Biopharma from a "sell" rating to a "hold" rating in a research report on Saturday, March 7th. HC Wainwright cut their target price on Crescent Biopharma from $25.00 to $22.00 and set a "buy" rating on the stock in a research note on Monday, March 2nd. Guggenheim started coverage on Crescent Biopharma in a research note on Wednesday, January 21st. They set a "buy" rating and a $35.00 target price on the stock. Stifel Nicolaus set a $29.00 target price on Crescent Biopharma in a research note on Thursday, February 26th. Finally, Weiss Ratings reaffirmed a "sell (e-)" rating on shares of Crescent Biopharma in a research note on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Crescent Biopharma has an average rating of "Buy" and a consensus target price of $28.00.

Crescent Biopharma Stock Down 4.6%

The business has a 50-day moving average price of $12.19 and a 200-day moving average price of $12.45. The company has a market capitalization of $254.46 million, a price-to-earnings ratio of -1.29 and a beta of 1.04.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last announced its earnings results on Thursday, February 26th. The biopharmaceutical company reported ($4.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.22) by ($1.79). The firm had revenue of $10.84 million during the quarter. As a group, sell-side analysts predict that Crescent Biopharma, Inc. will post -0.16 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CBIO. Commodore Capital LP purchased a new position in shares of Crescent Biopharma during the second quarter valued at $7,322,000. Adage Capital Partners GP L.L.C. purchased a new position in Crescent Biopharma in the second quarter valued at about $1,629,000. Bank of America Corp DE purchased a new position in Crescent Biopharma in the second quarter valued at about $149,000. BVF Inc. IL purchased a new position in Crescent Biopharma in the second quarter valued at about $22,400,000. Finally, Braidwell LP purchased a new position in Crescent Biopharma in the second quarter valued at about $4,221,000. Hedge funds and other institutional investors own 75.19% of the company's stock.

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.

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