Jennison Associates LLC Acquires Shares of 152,974 Crescent Biopharma, Inc. $CBIO

Jennison Associates LLC bought a new stake in Crescent Biopharma, Inc. (NASDAQ:CBIO) during the 1st quarter, Holdings Channel.com reports. The institutional investor bought 152,974 shares of the biopharmaceutical company’s stock, valued at approximately $2,810,000.

Several other large investors have also made changes to their positions in CBIO. Bank of America Corp DE bought a new position in Crescent Biopharma during the 2nd quarter valued at about $149,000. Cannon Global Investment Management LLC bought a new stake in Crescent Biopharma during the first quarter worth about $187,000. OMERS ADMINISTRATION Corp bought a new stake in Crescent Biopharma during the fourth quarter worth about $138,000. HRT Financial LP acquired a new stake in shares of Crescent Biopharma during the fourth quarter worth approximately $155,000. Finally, Quadrature Capital Ltd bought a new position in shares of Crescent Biopharma in the fourth quarter valued at approximately $157,000. Institutional investors own 75.19% of the company’s stock.

Insider Activity at Crescent Biopharma

In other Crescent Biopharma news, CEO Joshua T. Brumm sold 42,305 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total value of $761,066.95. Following the sale, the chief executive officer directly owned 281,212 shares in the company, valued at approximately $5,059,003.88. This trade represents a 13.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through 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. Also, COO Jonathan Mcneill sold 20,549 shares of Crescent Biopharma stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $17.99, for a total transaction of $369,676.51. Following the transaction, the chief operating officer directly owned 139,158 shares in the company, valued at approximately $2,503,452.42. This represents a 12.87% decrease in their ownership of the stock. 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. Insiders sold 68,156 shares of company stock valued at $1,226,126 in the last ninety days. Insiders own 24.84% of the company’s stock.

Crescent Biopharma Price Performance

Shares of CBIO stock opened at $16.64 on Wednesday. The stock has a market cap of $458.55 million, a PE ratio of -1.53 and a beta of 1.20. The stock has a 50-day moving average of $18.00 and a 200-day moving average of $15.57. 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 -3.17 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. HC Wainwright reissued a “neutral” rating on shares of Crescent Biopharma in a report on Thursday, July 16th. Weiss Ratings raised Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Crescent Biopharma presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.40.

Crescent Biopharma 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.