Crescent Biopharma (NASDAQ:CBIO) Announces Earnings Results, Misses Estimates By $0.20 EPS

Key Points

• Crescent Biopharma reported a quarterly loss of $0.90 per share, missing analyst estimates of a $0.70 loss by $0.20.
• Revenue was $3.12 million, above analysts’ expectations of $0.62 million.
• Shares fell 2.6% to $14.37 during Thursday trading. Analysts’ consensus rating was “Buy,” with a $33 price target.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) announced its earnings results on Thursday. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.20), FiscalAI reports. The company had revenue of $3.12 million for the quarter, compared to analysts' expectations of $0.62 million.

Crescent Biopharma Trading Down 2.6%

Shares of NASDAQ CBIO traded down $0.39 during midday trading on Thursday, reaching $14.37. The company's stock had a trading volume of 209,892 shares, compared to its average volume of 295,962. Crescent Biopharma has a one year low of $8.72 and a one year high of $27.41. The company has a market cap of $533.76 million, a price-to-earnings ratio of -2.14 and a beta of 1.40. The company has a 50 day moving average price of $15.01 and a 200 day moving average price of $15.85.

Insider Buying and Selling

In other Crescent Biopharma news, CEO Joshua T. Brumm sold 7,837 shares of the company's stock in a transaction on Friday, September 18th. The stock was sold at an average price of $16.71, for a total value of $130,956.27. Following the transaction, 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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, COO Jonathan McNeill sold 3,839 shares of the company's stock in a transaction on Friday, September 18th. The shares were sold at an average price of $16.71, for a total value of $64,149.69. Following the completion of the transaction, the chief operating officer directly owned 134,588 shares in the company, valued at $2,248,965.48. This represents a 2.77% 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. Insiders have sold 16,726 shares of company stock valued at $285,501 over the last 90 days. 24.84% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CBIO shares. Wedbush reaffirmed an "outperform" rating and issued a $27.00 price target on shares of Crescent Biopharma in a research note on Monday, September 14th. UBS Group reiterated a "buy" rating and set a $36.00 price objective on shares of Crescent Biopharma in a research note on Monday, October 19th. Weiss Ratings reissued a "sell (d-)" rating on shares of Crescent Biopharma in a report on Wednesday, November 4th. HC Wainwright restated a "buy" rating and issued a $36.00 target price on shares of Crescent Biopharma in a research report on Monday, October 19th. Finally, TD Cowen raised Crescent Biopharma to a "strong-buy" rating in a research note on Monday, August 24th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $33.00.

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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