Perceptive Advisors LLC Lowers Stake in Crescent Biopharma, Inc. $CBIO

Key Points

• Perceptive Advisors cut its Crescent Biopharma stake by 54.4% in the first quarter, selling 246,744 shares and retaining 206,942 shares worth approximately $3.8 million. Institutional investors collectively own 75.19% of CBIO.
• Analyst sentiment remains cautiously positive, with a consensus “Moderate Buy” rating and an average price target of $29.40, despite mixed individual ratings.
• CBIO shares opened at $14.47, down 3.7%, while the company reported a quarterly loss of $0.74 per share in line with expectations. CEO and COO stock sales totaling about $1.23 million were made under pre-arranged plans to cover tax obligations.

Perceptive Advisors LLC cut its holdings in Crescent Biopharma, Inc. (NASDAQ:CBIO - Free Report) by 54.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 206,942 shares of the biopharmaceutical company's stock after selling 246,744 shares during the quarter. Perceptive Advisors LLC owned about 0.75% of Crescent Biopharma worth $3,802,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CBIO. Bank of America Corp DE acquired a new stake in shares of Crescent Biopharma during the second quarter worth about $149,000. Cannon Global Investment Management LLC purchased a new stake in Crescent Biopharma during the 1st quarter valued at approximately $187,000. OMERS ADMINISTRATION Corp purchased a new stake in Crescent Biopharma during the 4th quarter valued at approximately $138,000. HRT Financial LP acquired a new stake in Crescent Biopharma during the 4th quarter worth approximately $155,000. Finally, Quadrature Capital Ltd acquired a new stake in Crescent Biopharma during the 4th quarter worth approximately $157,000. 75.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in 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 investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Crescent Biopharma has a consensus rating of "Moderate Buy" and an average target price of $29.40.

Insider Activity at Crescent Biopharma

In other Crescent Biopharma news, COO Jonathan Mcneill sold 20,549 shares of the business'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 $369,676.51. Following the transaction, the chief operating officer owned 139,158 shares in the company, valued at approximately $2,503,452.42. The trade was a 12.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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, CEO Joshua T. Brumm sold 42,305 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total value of $761,066.95. Following the completion of the sale, the chief executive officer directly owned 281,212 shares of the company's stock, valued at $5,059,003.88. This represents a 13.08% 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. Insiders have sold a total of 68,156 shares of company stock worth $1,226,126 in the last quarter. 24.84% of the stock is currently owned by insiders.

Crescent Biopharma Stock Down 3.7%

Shares of Crescent Biopharma stock opened at $14.47 on Friday. Crescent Biopharma, Inc. has a 52-week low of $8.72 and a 52-week high of $27.41. The company's 50-day simple moving average is $17.38 and its 200-day simple moving average is $15.80. The firm has a market cap of $398.79 million, a price-to-earnings ratio of -2.15 and a beta of 1.20.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.74). Equities research analysts anticipate that Crescent Biopharma, Inc. will post -3.17 EPS for the current year.

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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