Exome Asset Management LLC Makes New $2.81 Million Investment in Crescent Biopharma, Inc. $CBIO

Key Points

• Exome Asset Management bought 153,191 shares of Crescent Biopharma, valued at approximately $2.81 million, giving it a 0.56% stake and making CBIO its 29th-largest holding. Institutional investors collectively own 75.19% of the company.
• Crescent Biopharma executives sold shares under pre-arranged Rule 10b5-1 plans to cover tax obligations: the CEO sold $761,067 worth and the COO sold $369,677 worth. Insiders have sold 68,156 shares totaling about $1.23 million over the past 90 days.
• CBIO recently 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, versus an opening price of $16.93.

Exome Asset Management LLC acquired a new position in shares of Crescent Biopharma, Inc. (NASDAQ:CBIO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 153,191 shares of the biopharmaceutical company's stock, valued at approximately $2,814,000. Crescent Biopharma accounts for about 1.5% of Exome Asset Management LLC's investment portfolio, making the stock its 29th biggest holding. Exome Asset Management LLC owned 0.56% of Crescent Biopharma as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in CBIO. OMERS ADMINISTRATION Corp grew its position in Crescent Biopharma by 53.4% during the first quarter. OMERS ADMINISTRATION Corp now owns 17,800 shares of the biopharmaceutical company's stock worth $327,000 after buying an additional 6,200 shares in the last quarter. State Street Corp raised its holdings in Crescent Biopharma by 40.8% in the 4th quarter. State Street Corp now owns 26,217 shares of the biopharmaceutical company's stock valued at $311,000 after acquiring an additional 7,600 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Crescent Biopharma in the 2nd quarter worth approximately $149,000. Cannon Global Investment Management LLC acquired a new stake in shares of Crescent Biopharma during the 1st quarter worth approximately $187,000. Finally, HRT Financial LP acquired a new stake in shares of Crescent Biopharma during the 4th quarter worth approximately $155,000. Institutional investors and hedge funds own 75.19% of the company's stock.

Insider Activity

In other Crescent Biopharma news, CEO Joshua T. Brumm sold 42,305 shares of the business's stock in a transaction dated 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 directly owned 281,212 shares in the company, valued at $5,059,003.88. The trade was a 13.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 20,549 shares of the company's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $17.99, for a total transaction of $369,676.51. Following the sale, the chief operating officer directly owned 139,158 shares in the company, valued at $2,503,452.42. This represents a 12.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 ninety days, insiders sold 68,156 shares of company stock worth $1,226,126. 24.84% of the stock is owned by insiders.

Crescent Biopharma Price Performance

Shares of CBIO stock opened at $16.93 on Tuesday. The stock's fifty day simple moving average is $17.73 and its 200 day simple moving average is $15.72. The firm has a market cap of $466.54 million, a price-to-earnings ratio of -1.55 and a beta of 1.20. Crescent Biopharma, Inc. has a one year low of $8.72 and a one year high of $27.41.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.85) by $0.15. The company had revenue of $1.04 million for the quarter, compared to analyst estimates of $0.36 million. On average, research analysts anticipate that Crescent Biopharma, Inc. will post -3.17 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CBIO. Weiss Ratings upgraded Crescent Biopharma from a "sell (e)" rating to a "sell (d-)" rating in a research note on Wednesday, May 13th. HC Wainwright restated a "neutral" rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.40.

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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