ADAR1 Capital Management LLC Sells 555,727 Shares of Crescent Biopharma, Inc. $CBIO

Key Points

• ADAR1 Capital Management cut its Crescent Biopharma stake by 91.7%, selling 555,727 shares and retaining 50,273 shares worth approximately $924,000. Institutional investors collectively own 75.19% of the company.
• Crescent Biopharma shares opened at $14.77, below their 50-day moving average of $17.61, while the company reported a quarterly loss of $0.70 per share—better than the expected $0.85 loss—and revenue of $1.04 million.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $29.40, although insiders sold 68,156 shares worth $1.23 million during the latest quarter, primarily under pre-arranged plans to cover tax obligations.

ADAR1 Capital Management LLC reduced its stake in Crescent Biopharma, Inc. (NASDAQ:CBIO - Free Report) by 91.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,273 shares of the biopharmaceutical company's stock after selling 555,727 shares during the period. ADAR1 Capital Management LLC owned 0.18% of Crescent Biopharma worth $924,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. OMERS ADMINISTRATION Corp acquired a new position in Crescent Biopharma in the 4th quarter valued at $138,000. Bank of America Corp DE bought a new position in Crescent Biopharma in the second quarter valued at approximately $149,000. HRT Financial LP bought a new position in Crescent Biopharma in the fourth quarter valued at approximately $155,000. Quadrature Capital Ltd acquired a new position in Crescent Biopharma during the fourth quarter valued at approximately $157,000. Finally, Cannon Global Investment Management LLC bought a new stake in Crescent Biopharma during the first quarter worth $187,000. 75.19% of the stock is owned by institutional investors.

Crescent Biopharma Price Performance

Shares of CBIO stock opened at $14.77 on Thursday. The business's 50 day simple moving average is $17.61 and its 200 day simple moving average is $15.78. Crescent Biopharma, Inc. has a one year low of $8.72 and a one year high of $27.41. The stock has a market capitalization of $407.06 million, a PE ratio of -1.35 and a beta of 1.20.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last released its earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, beating analysts' consensus estimates of ($0.85) by $0.15. The firm had revenue of $1.04 million for the quarter, compared to analyst estimates of $0.36 million. As a group, research analysts expect that Crescent Biopharma, Inc. will post -3.17 earnings per share for the current year.

Insider Buying and Selling at Crescent Biopharma

In related news, CEO Joshua T. Brumm sold 42,305 shares of the company'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 transaction of $761,066.95. Following the transaction, the chief executive officer directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 company'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 transaction, the chief operating officer directly owned 139,158 shares in the company, valued at $2,503,452.42. The trade was a 12.87% decrease in their ownership of the stock. 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 sold a total of 68,156 shares of company stock valued at $1,226,126 in the last quarter. 24.84% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Weiss Ratings raised Crescent Biopharma from a "sell (e)" rating to a "sell (d-)" rating in a report on Wednesday, May 13th. HC Wainwright reissued a "neutral" rating on shares of Crescent Biopharma in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $29.40.

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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