BlackRock Inc. Buys New Shares in Crescent Biopharma, Inc. $CBIO

Key Points

• BlackRock acquired 1.27 million Crescent Biopharma shares worth approximately $22.9 million, giving it a 4.61% stake. Institutional investors collectively own 75.19% of CBIO.
• Crescent Biopharma shares opened at $18.54, with a market capitalization of about $688.6 million. The company reported a quarterly loss of $0.74 per share, in line with analyst expectations.
• Analyst sentiment is mixed but leans positive, with a consensus rating of “Moderate Buy” and a $29.60 price target. Meanwhile, the CEO and COO sold shares under pre-arranged plans to cover tax obligations.

BlackRock Inc. bought a new position in Crescent Biopharma, Inc. (NASDAQ:CBIO - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,271,762 shares of the biopharmaceutical company's stock, valued at approximately $22,892,000. BlackRock Inc. owned about 4.61% of Crescent Biopharma at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fcpm Iii Services B.V. purchased a new stake in Crescent Biopharma during the 4th quarter valued at about $19,899,000. Vestal Point Capital LP purchased a new position in shares of Crescent Biopharma in the fourth quarter worth about $17,790,000. BVF Inc. IL raised its stake in shares of Crescent Biopharma by 98.1% in the fourth quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company's stock worth $32,600,000 after purchasing an additional 1,360,900 shares during the last quarter. Opaleye Management Inc. purchased a new position in shares of Crescent Biopharma in the fourth quarter worth about $13,975,000. Finally, Vanguard Group Inc. acquired a new stake in shares of Crescent Biopharma during the third quarter worth about $7,822,000. Institutional investors and hedge funds own 75.19% of the company's stock.

Insider Buying and Selling

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 transaction of $761,066.95. Following the completion of the transaction, the chief executive officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 business's stock in a transaction on Monday, June 22nd. The shares were 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 of the company's stock, valued at approximately $2,503,452.42. This 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 a total of 68,156 shares of company stock worth $1,226,126 in the last ninety days. Corporate insiders own 24.84% of the company's stock.

Crescent Biopharma Stock Up 3.4%

Crescent Biopharma stock opened at $18.54 on Thursday. The business's 50-day moving average price is $16.65 and its 200 day moving average price is $16.78. The firm has a market cap of $688.58 million, a price-to-earnings ratio of -2.76 and a beta of 1.24. Crescent Biopharma, Inc. has a 52 week low of $8.72 and a 52 week high of $27.41.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.74). Equities analysts expect that Crescent Biopharma, Inc. will post -2.91 EPS for the current year.

Analyst Ratings Changes

CBIO has been the topic of several research reports. TD Cowen upgraded shares of Crescent Biopharma to a "strong-buy" rating in a report on Monday, August 24th. HC Wainwright reiterated a "neutral" rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. Weiss Ratings reissued a "sell (d-)" rating on shares of Crescent Biopharma in a report on Friday, August 7th. Finally, Wedbush restated an "outperform" rating and set a $27.00 target price on shares of Crescent Biopharma in a research report on Thursday, August 27th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $29.60.

Crescent Biopharma 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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