Ellie Eunkyung Im Sells 1,219 Shares of Crescent Biopharma (NASDAQ:CBIO) Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) insider Ellie Eunkyung Im sold 1,219 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $17.99, for a total value of $21,929.81. Following the transaction, the insider owned 22,069 shares of the company’s stock, valued at $397,021.31. The trade was a 5.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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.

Crescent Biopharma Price Performance

Shares of CBIO stock opened at $17.36 on Thursday. The stock has a market cap of $478.44 million, a PE ratio of -1.59 and a beta of 1.16. The stock has a 50-day moving average of $19.81 and a 200-day moving average of $15.07. Crescent Biopharma, Inc. has a one year low of $8.72 and a one year high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last released its quarterly earnings data on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.85) by $0.15. The firm had revenue of $1.04 million for the quarter, compared to the consensus estimate of $0.36 million. As a group, research analysts anticipate that Crescent Biopharma, Inc. will post -3.25 earnings per share for the current year.

Hedge Funds Weigh In On Crescent Biopharma

Several institutional investors and hedge funds have recently modified their holdings of CBIO. OMERS ADMINISTRATION Corp increased its stake in Crescent Biopharma by 53.4% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 17,800 shares of the biopharmaceutical company’s stock worth $327,000 after purchasing an additional 6,200 shares in the last quarter. State Street Corp lifted its stake in Crescent Biopharma by 40.8% in the fourth quarter. State Street Corp now owns 26,217 shares of the biopharmaceutical company’s stock valued at $311,000 after buying an additional 7,600 shares in the last quarter. Bank of America Corp DE bought a new position in Crescent Biopharma in the second quarter valued at approximately $149,000. Cannon Global Investment Management LLC acquired a new position in shares of Crescent Biopharma in the first quarter valued at approximately $187,000. Finally, HRT Financial LP acquired a new position in shares of Crescent Biopharma in the fourth quarter valued at approximately $155,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CBIO shares. Weiss Ratings raised shares of Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. Stifel Nicolaus set a $29.00 price objective on shares of Crescent Biopharma in a research report on Thursday, February 26th. HC Wainwright dropped their price objective on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Finally, Wall Street Zen upgraded Crescent Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.00.

Crescent Biopharma Company Profile

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.