Crescent Biopharma (NASDAQ:CBIO) Trading Down 5.6% - Time to Sell?

Key Points

• Crescent Biopharma shares fell 5.6% to about $17.74, with trading volume below its daily average; the company has a $659.2 million market capitalization and remains unprofitable.
• Analyst sentiment is generally positive, with an average rating of “Moderate Buy” and a consensus price target of $29.60, although ratings range from Strong Buy to Sell.
• The company reported a quarterly loss of $0.74 per share, in line with expectations, while insiders sold 68,156 shares worth approximately $1.23 million in the past 90 days; institutional investors own 75.19% of the stock.

Crescent Biopharma, Inc. (NASDAQ:CBIO - Get Free Report) dropped 5.6% during mid-day trading on Wednesday . The stock traded as low as $17.99 and last traded at $17.7380. 238,361 shares changed hands during trading, a decline of 13% from the average daily volume of 273,835 shares. The stock had previously closed at $18.80.

Wall Street Analyst Weigh In

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

Crescent Biopharma Trading Down 5.6%

The firm has a market cap of $659.20 million, a PE ratio of -2.64 and a beta of 1.24. The company has a 50 day moving average price of $17.12 and a 200 day moving average price of $17.36.

Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.74). As a group, equities research analysts anticipate that Crescent Biopharma, Inc. will post -2.91 earnings per share for the current fiscal year.

Insider Transactions at Crescent Biopharma

In related news, CEO Joshua T. Brumm sold 42,305 shares of Crescent Biopharma 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 $761,066.95. Following the completion of the transaction, the chief executive officer directly owned 281,212 shares in the company, valued at $5,059,003.88. The trade was a 13.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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, COO Jonathan McNeill sold 20,549 shares of the company'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 $369,676.51. Following the completion of the sale, the chief operating officer directly 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 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. In the last 90 days, insiders have sold 68,156 shares of company stock valued at $1,226,126. 24.84% of the stock is currently owned by company insiders.

Institutional Trading of Crescent Biopharma

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

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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