Crescent Biopharma, Inc. (NASDAQ:CBIO) Receives Average Recommendation of “Buy” from Analysts

Crescent Biopharma, Inc. (NASDAQ:CBIO) has received an average rating of “Buy” from the nine ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, five have given a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $28.00.

A number of equities analysts have commented on CBIO shares. Weiss Ratings reaffirmed a “sell (e-)” rating on shares of Crescent Biopharma in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Crescent Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Piper Sandler assumed coverage on shares of Crescent Biopharma in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $35.00 target price on the stock. HC Wainwright reduced their price objective on shares of Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Finally, Guggenheim started coverage on Crescent Biopharma in a research note on Wednesday, January 21st. They set a “buy” rating and a $35.00 target price on the stock.

Hedge Funds Weigh In On Crescent Biopharma

A number of hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp boosted its stake in Crescent Biopharma by 40.8% in the 4th quarter. State Street Corp now owns 26,217 shares of the biopharmaceutical company’s stock worth $311,000 after purchasing an additional 7,600 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Crescent Biopharma during the second quarter valued at $149,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Crescent Biopharma in the 4th quarter valued at $138,000. HRT Financial LP purchased a new position in Crescent Biopharma in the 4th quarter worth $155,000. Finally, Quadrature Capital Ltd purchased a new position in Crescent Biopharma in the 4th quarter worth $157,000. 75.19% of the stock is currently owned by institutional investors.

Crescent Biopharma Trading Up 9.6%

Shares of NASDAQ:CBIO opened at $16.62 on Tuesday. The company has a market cap of $230.85 million, a PE ratio of -1.17 and a beta of 1.31. Crescent Biopharma has a 12-month low of $8.72 and a 12-month high of $28.77. The stock has a 50 day moving average of $11.28 and a 200 day moving average of $12.13.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings results on Thursday, February 26th. The biopharmaceutical company reported ($4.01) EPS for the quarter, missing analysts’ consensus estimates of ($2.22) by ($1.79). The company had revenue of $10.84 million during the quarter. Equities research analysts predict that Crescent Biopharma will post -0.16 earnings per share for the current fiscal year.

About Crescent Biopharma

Crescent Biopharma, Inc (NASDAQ: CBIO) is a clinical‐stage immuno‐oncology company focused on the discovery, development and commercialization of novel therapies for patients with solid tumors. The company’s research strategy centers on combination approaches that enhance anti‐tumor immune responses by simultaneously targeting multiple pathways implicated in immune evasion and tumor growth.

The company’s lead candidate, CPB-201, is a bifunctional fusion protein designed to block programmed death-ligand 1 (PD-L1) while neutralizing transforming growth factor-beta (TGF-β), with the goal of restoring T-cell activity and reducing tumor fibrosis.