Insider Selling: Crescent Biopharma (NASDAQ:CBIO) CEO Sells 7,837 Shares of Stock

Key Points

• CEO Joshua Brumm sold 7,837 Crescent Biopharma shares at an average price of $16.71, generating $130,956. The Rule 10b5-1 sale was made to cover tax withholding on vested equity awards, reducing his ownership by 2.8%.
• Crescent Biopharma shares rose 0.7% to $16.89, with trading volume significantly above average. The stock has ranged from $8.72 to $27.41 over the past 52 weeks.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and a $29.60 price target. Institutional investors and hedge funds own approximately 75.19% of the company.

Crescent Biopharma, Inc. (NASDAQ:CBIO - Get Free Report) CEO Joshua Brumm sold 7,837 shares of the stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $16.71, for a total transaction of $130,956.27. Following the completion of the sale, the chief executive officer owned 271,765 shares in the company, valued at $4,541,193.15. This represents a 2.80% decrease in their ownership of the stock. The sale 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.

Crescent Biopharma Stock Up 0.7%

Crescent Biopharma stock traded up $0.12 during midday trading on Friday, hitting $16.89. 3,123,507 shares of the stock were exchanged, compared to its average volume of 294,314. The stock has a market capitalization of $627.36 million, a PE ratio of -2.51 and a beta of 1.24. The company has a fifty day simple moving average of $17.12 and a two-hundred day simple moving average of $17.43. 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 issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) EPS for the quarter, meeting the consensus estimate of ($0.74). As a group, equities research analysts anticipate that Crescent Biopharma, Inc. will post -2.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Crescent Biopharma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CBIO. Fcpm Iii Services B.V. acquired a new stake in Crescent Biopharma in the 4th quarter valued at approximately $19,899,000. BVF Inc. IL boosted its position in Crescent Biopharma by 98.1% during the 4th quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company's stock worth $32,600,000 after acquiring an additional 1,360,900 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Crescent Biopharma in the second quarter valued at approximately $22,892,000. NEXTBio Capital Management LP bought a new stake in shares of Crescent Biopharma in the fourth quarter worth $4,422,000. Finally, Exome Asset Management LLC bought a new stake in shares of Crescent Biopharma in the first quarter worth $2,814,000. 75.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

About Crescent Biopharma

Crescent Biopharma, Inc NASDAQ: CBIO is a biopharmaceutical company focused on discovering and developing innovative therapies for the treatment of serious diseases. The company's activities center on research, preclinical development and clinical evaluation of investigational drug candidates.

Crescent Biopharma does not appear to have commercially marketed products. Its pipeline consists of experimental therapies intended to address significant unmet medical needs, although detailed information about specific candidates, therapeutic areas and development stages may be limited in publicly available sources.

The company is headquartered in the United States and serves the biopharmaceutical market through its drug-development programs and potential future partnerships.

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