Crescent Biopharma (NASDAQ:CBIO) Stock Jumps 4.6% - Should You Buy?

Key Points

• Crescent Biopharma shares rose 4.6% to about $14.20, though trading volume was roughly 51% below the average session volume.
• Analyst sentiment is generally positive: the stock has an overall “Buy” rating and a consensus price target of $32.40, despite one “Sell” rating.
• The company remains unprofitable, reporting a quarterly loss of $0.74 per share and analysts forecasting a full-year loss of $2.93 per share. Insiders recently sold shares under pre-arranged plans to cover tax obligations, while institutional investors own about 75.2% of the stock.

Crescent Biopharma, Inc. (NASDAQ:CBIO - Get Free Report) shares shot up 4.6% during trading on Wednesday. The stock traded as high as $13.92 and last traded at $14.1950. Approximately 147,055 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 298,959 shares. The stock had previously closed at $13.57.

Analyst Upgrades and Downgrades

CBIO has been the subject of several recent research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Crescent Biopharma in a research report on Friday, August 7th. TD Cowen upgraded Crescent Biopharma to a "strong-buy" rating in a research report on Monday, August 24th. Wedbush restated an "outperform" rating and issued a $27.00 target price on shares of Crescent Biopharma in a research note on Monday, September 14th. Finally, HC Wainwright upgraded Crescent Biopharma from a "neutral" rating to a "buy" rating and set a $36.00 target price on the stock in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $32.40.

Crescent Biopharma Price Performance

The company has a fifty day moving average price of $16.80 and a two-hundred day moving average price of $17.73. The firm has a market cap of $510.86 million, a price-to-earnings ratio of -2.05 and a beta of 1.27.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) EPS for the quarter, hitting the consensus estimate of ($0.74). On average, research analysts expect that Crescent Biopharma, Inc. will post -2.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Crescent Biopharma news, COO Jonathan McNeill sold 3,839 shares of Crescent Biopharma stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $16.71, for a total value of $64,149.69. Following the transaction, the chief operating officer owned 134,588 shares in the company, valued at approximately $2,248,965.48. The trade was a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through 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, CEO Joshua Brumm sold 7,837 shares of the company's stock in a transaction on Friday, September 18th. The shares were sold at an average price of $16.71, for a total value of $130,956.27. Following the completion of the transaction, the chief executive officer directly owned 271,765 shares in the company, valued at $4,541,193.15. This represents a 2.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 16,726 shares of company stock valued at $285,501 over the last 90 days. 24.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crescent Biopharma

Hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc acquired a new stake in Crescent Biopharma during the 2nd quarter worth about $38,000. Cannon Global Investment Management LLC purchased a new position in shares of Crescent Biopharma in the first quarter worth approximately $187,000. Persistent Asset Partners Ltd acquired a new stake in shares of Crescent Biopharma during the second quarter valued at approximately $197,000. Wellington Management Group LLP purchased a new stake in shares of Crescent Biopharma in the 2nd quarter valued at approximately $263,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Crescent Biopharma in the 2nd quarter worth approximately $320,000. Institutional investors and hedge funds own 75.19% of the company's stock.

Crescent Biopharma Company Profile

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