Crescent Biopharma (NASDAQ:CBIO) Stock Price Up 9.3% - Here's Why

Key Points

• Crescent Biopharma shares rose 9.3% to $14.755 during mid-day trading, though volume was 56% below the average session level.
• Analysts remain broadly optimistic, with a consensus “Buy” rating and $33 price target; ratings include two Strong Buys, four Buys, and one Sell.
• Institutional investors own 75.19% of the company, while insiders own 24.84%; recent insider sales were conducted under pre-arranged plans to cover tax obligations from vested equity awards.

Crescent Biopharma, Inc. (NASDAQ:CBIO - Get Free Report)'s share price traded up 9.3% during mid-day trading on Thursday. The stock traded as high as $14.94 and last traded at $14.7550. 131,644 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 299,943 shares. The stock had previously closed at $13.50.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CBIO shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Crescent Biopharma in a report on Friday, August 7th. HC Wainwright reissued a "buy" rating and set a $36.00 price objective on shares of Crescent Biopharma in a research note on Monday, October 19th. UBS Group restated a "buy" rating and issued a $36.00 target price on shares of Crescent Biopharma in a report on Monday, October 19th. TD Cowen raised Crescent Biopharma to a "strong-buy" rating in a research report on Monday, August 24th. Finally, Wedbush reaffirmed an "outperform" rating and set a $27.00 target price on shares of Crescent Biopharma in a report on Monday, September 14th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $33.00.

Crescent Biopharma Price Performance

The firm's fifty day simple moving average is $15.74 and its 200 day simple moving average is $15.80. The company has a market capitalization of $543.77 million, a price-to-earnings ratio of -2.15 and a beta of 1.27.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.74). Equities research analysts forecast that Crescent Biopharma, Inc. will post -2.93 earnings per share for the current fiscal year.

Insider Transactions at Crescent Biopharma

In other Crescent Biopharma news, COO Jonathan McNeill sold 3,839 shares of Crescent Biopharma stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $16.71, for a total transaction of $64,149.69. Following the transaction, the chief operating officer owned 134,588 shares of the company's stock, valued at $2,248,965.48. The trade was a 2.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 dated 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 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 a total of 16,726 shares of company stock valued at $285,501 over the last 90 days. Corporate insiders own 24.84% of the company's stock.

Hedge Funds Weigh In On Crescent Biopharma

Institutional investors and hedge funds have recently modified their holdings of the stock. Stonepine Capital Management LLC acquired a new position in Crescent Biopharma in the 2nd quarter worth about $720,000. Jennison Associates LLC bought a new stake in shares of Crescent Biopharma in the 1st quarter valued at approximately $2,810,000. Exome Asset Management LLC bought a new stake in shares of Crescent Biopharma in the 1st quarter valued at approximately $2,814,000. BlackRock Inc. acquired a new position in Crescent Biopharma in the second quarter worth approximately $22,892,000. Finally, Bank of New York Mellon Corp bought a new position in Crescent Biopharma during the second quarter valued at approximately $824,000. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Biopharma Company Profile

Crescent Biopharma, Inc operates as a biopharmaceutical company that develops and designs small molecule therapeutics to treat cancers. The company was founded on September 19, 2024 and is headquartered in Waltham, MA.

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