Crescent Biopharma (NASDAQ:CBIO) Shares Gap Up Following Analyst Upgrade

Key Points

• HC Wainwright raised its price target on Crescent Biopharma to $40 from $36 and maintained a Buy rating; shares opened at $15.21, up from the prior close of $14.37.
• Analyst sentiment is broadly positive: MarketBeat reports a consensus Buy rating and an average price target of $33.67, though one firm rates the stock Sell.
• The company reported a quarterly loss of $0.90 per share, missing the $0.70-per-share consensus, while revenue of $3.12 million exceeded expectations of $0.62 million.

Crescent Biopharma, Inc. (NASDAQ:CBIO - Get Free Report) gapped up prior to trading on Friday after HC Wainwright raised their price target on the stock from $36.00 to $40.00. The stock had previously closed at $14.37, but opened at $15.21. HC Wainwright currently has a buy rating on the stock. Crescent Biopharma shares last traded at $14.0650, with a volume of 9,447 shares traded.

CBIO has been the subject of several other reports. TD Cowen raised Crescent Biopharma to a "strong-buy" rating in a research report on Monday, August 24th. UBS Group restated a "buy" rating and issued a $36.00 price objective on shares of Crescent Biopharma in a research note on Monday, October 19th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Crescent Biopharma in a research report on Wednesday, November 4th. Finally, Wedbush reaffirmed an "outperform" rating and set a $27.00 target price on shares of Crescent Biopharma in a research report on Monday, September 14th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $33.67.

Insiders Place Their Bets

In other news, COO Jonathan McNeill sold 3,839 shares of Crescent Biopharma stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $16.71, for a total transaction of $64,149.69. Following the sale, the chief operating officer directly owned 134,588 shares in the company, valued at approximately $2,248,965.48. The trade was a 2.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 7,837 shares of Crescent Biopharma stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $16.71, for a total transaction of $130,956.27. Following the sale, the chief executive officer owned 271,765 shares in the company, valued at approximately $4,541,193.15. This trade represents a 2.80% 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. In the last 90 days, insiders sold 16,726 shares of company stock valued at $285,501. Corporate insiders own 24.84% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CBIO. Legal & General Group Plc bought a new stake in shares of Crescent Biopharma in the 2nd quarter valued at approximately $38,000. Simplex Trading LLC acquired a new position in shares of Crescent Biopharma in the 3rd quarter worth approximately $50,000. Persistent Asset Partners Ltd acquired a new position in shares of Crescent Biopharma in the 2nd quarter worth approximately $197,000. ACT Capital Partners L.P. bought a new position in shares of Crescent Biopharma during the 3rd quarter worth approximately $168,000. Finally, Wellington Management Group LLP bought a new position in shares of Crescent Biopharma during the 2nd quarter worth approximately $263,000. Institutional investors own 75.19% of the company's stock.

Crescent Biopharma Stock Performance

The company has a 50-day moving average of $14.93 and a 200 day moving average of $15.86. The firm has a market cap of $517.36 million, a P/E ratio of -2.07 and a beta of 1.40.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last announced its quarterly earnings results on Thursday, November 12th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.20). The business had revenue of $3.12 million during the quarter, compared to analysts' expectations of $0.62 million. Sell-side analysts anticipate that Crescent Biopharma, Inc. will post -2.93 EPS for the current fiscal year.

About Crescent Biopharma

Crescent Biopharma is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on antibody-based treatments, including therapies designed to target tumor cells and support the body's immune response. The company's work is directed toward advancing oncology drug candidates through clinical development. Its pipeline and programs may change as research progresses, and its products are investigational rather than established treatments. Crescent Biopharma is focused on developing its therapies for cancer patients; detailed information about its geographic operations and leadership is not included here.

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