Short Interest in Crescent Biopharma, Inc. (NASDAQ:CBIO) Grows By 103.8%

Key Points

• Short interest in Crescent Biopharma, Inc. has surged by 103.8% to 261,900 shares as of September 15th, indicating increased bearish sentiment among investors.
• Institutional investors own 75.19% of Crescent Biopharma's stock, with notable second-quarter investments including BVF Inc. who purchased a stake valued at $22.4 million.
• Wall Street analysts maintain a generally positive outlook, with a consensus rating of "Buy" and an average price target of $25.60 for the company's stock.

Crescent Biopharma, Inc. (NASDAQ:CBIO - Get Free Report) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 261,900 shares, a growth of 103.8% from the August 31st total of 128,500 shares. Based on an average daily trading volume, of 122,000 shares, the short-interest ratio is currently 2.1 days. Approximately 2.4% of the company's shares are sold short. Approximately 2.4% of the company's shares are sold short. Based on an average daily trading volume, of 122,000 shares, the short-interest ratio is currently 2.1 days.

Hedge Funds Weigh In On Crescent Biopharma

Institutional investors have recently bought and sold shares of the company. BVF Inc. IL bought a new stake in shares of Crescent Biopharma in the second quarter valued at $22,400,000. Perceptive Advisors LLC purchased a new stake in shares of Crescent Biopharma during the second quarter worth $7,322,000. Commodore Capital LP purchased a new position in shares of Crescent Biopharma in the second quarter valued at $7,322,000. Frazier Life Sciences Management L.P. bought a new position in Crescent Biopharma in the 2nd quarter worth about $7,322,000. Finally, Soleus Capital Management L.P. bought a new stake in shares of Crescent Biopharma during the second quarter valued at about $6,456,000. Hedge funds and other institutional investors own 75.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Crescent Biopharma in a research note on Wednesday, August 27th. Jefferies Financial Group initiated coverage on Crescent Biopharma in a research note on Monday, August 25th. They set a "buy" rating and a $26.00 target price for the company. Wall Street Zen downgraded shares of Crescent Biopharma from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Lifesci Capital raised shares of Crescent Biopharma to a "strong-buy" rating and set a $22.00 price target for the company in a research note on Wednesday, June 18th. Finally, TD Cowen upgraded Crescent Biopharma to a "strong-buy" rating in a report on Friday, June 20th. Two research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $25.60.

Crescent Biopharma Stock Down 2.6%

Shares of NASDAQ:CBIO opened at $11.72 on Friday. Crescent Biopharma has a fifty-two week low of $10.83 and a fifty-two week high of $63.00. The business has a 50-day moving average of $13.00. The stock has a market cap of $229.13 million, a P/E ratio of -0.34 and a beta of 1.51.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.