Crescent Biopharma, Inc. (NASDAQ:CBIO) Stock Has Consensus Target Price of $32.40

Crescent Biopharma, Inc. (NASDAQ:CBIO) has been given an average recommendation of “Buy” by the six brokerages that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $32.40.

Several research analysts have recently commented on the company. Wedbush reaffirmed an “outperform” rating and issued a $27.00 price objective on shares of Crescent Biopharma in a research note on Monday, September 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Friday, August 7th. HC Wainwright raised shares of Crescent Biopharma from a “neutral” rating to a “buy” rating and set a $36.00 target price for the company in a report on Tuesday. Finally, TD Cowen upgraded shares of Crescent Biopharma to a “strong-buy” rating in a research note on Monday, August 24th.

Crescent Biopharma Stock Performance

Shares of Crescent Biopharma stock opened at $14.91 on Friday. Crescent Biopharma has a one year low of $8.72 and a one year high of $27.41. The stock’s fifty day moving average is $16.77 and its 200 day moving average is $17.75. The stock has a market cap of $553.76 million, a P/E ratio of -2.22 and a beta of 1.27.

Crescent Biopharma (NASDAQ:CBIO) last released its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.74). Analysts predict that Crescent Biopharma will post -2.93 EPS for the current year.

Insiders Place Their Bets

In related news, COO Jonathan McNeill sold 3,839 shares of Crescent Biopharma stock in a transaction on Friday, September 18th. The shares were sold at an average price of $16.71, for a total transaction of $64,149.69. Following the transaction, the chief operating officer owned 134,588 shares in the company, valued at approximately $2,248,965.48. The trade was a 2.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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, CEO Joshua T. Brumm sold 7,837 shares of the company’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $16.71, for a total transaction of $130,956.27. Following the completion of the transaction, the chief executive officer directly owned 271,765 shares of the company’s stock, valued at $4,541,193.15. This represents a 2.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last three months, insiders sold 16,726 shares of company stock valued at $285,501. Corporate insiders own 24.84% of the company’s stock.

Hedge Funds Weigh In On Crescent Biopharma

Several large investors have recently made changes to their positions in CBIO. Stonepine Capital Management LLC purchased a new stake in shares of Crescent Biopharma during the second quarter worth about $720,000. Jennison Associates LLC bought a new stake in Crescent Biopharma during the 1st quarter valued at approximately $2,810,000. Exome Asset Management LLC bought a new stake in Crescent Biopharma during the 1st quarter valued at approximately $2,814,000. BlackRock Inc. purchased a new position in Crescent Biopharma in the 2nd quarter worth approximately $22,892,000. Finally, Bank of New York Mellon Corp bought a new position in Crescent Biopharma in the 2nd quarter worth approximately $824,000. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Biopharma Company Profile