Crescent Biopharma (CBIO) Expected to Announce Quarterly Earnings on Wednesday

Crescent Biopharma (NASDAQ:CBIO) is projected to issue its results after the market closes on Wednesday, May 13th. Analysts expect the company to announce earnings of ($0.85) per share and revenue of $0.3570 million for the quarter.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings data on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.15. The firm had revenue of $1.04 million during the quarter, compared to analysts’ expectations of $0.36 million. On average, analysts expect Crescent Biopharma to post $-3 EPS for the current fiscal year and $-3 EPS for the next fiscal year.

Crescent Biopharma Price Performance

Crescent Biopharma stock opened at $18.08 on Wednesday. Crescent Biopharma has a 1-year low of $8.72 and a 1-year high of $27.97. The firm has a market capitalization of $498.28 million, a P/E ratio of -1.66 and a beta of 1.21. The company’s 50-day moving average is $16.27 and its 200 day moving average is $13.63.

Analysts Set New Price Targets

CBIO has been the topic of a number of recent analyst reports. Piper Sandler initiated coverage on shares of Crescent Biopharma in a research report on Wednesday, January 28th. They issued an “overweight” rating and a $35.00 price objective 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. Weiss Ratings lowered shares of Crescent Biopharma from a “sell (e+)” rating to a “sell (e)” rating in a research report on Wednesday, April 29th. Guggenheim initiated coverage on shares of Crescent Biopharma in a research report on Wednesday, January 21st. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, Stifel Nicolaus set a $29.00 price objective on shares of Crescent Biopharma in a research report on Thursday, February 26th. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $28.00.

Hedge Funds Weigh In On Crescent Biopharma

A number of institutional investors have recently modified their holdings of the stock. ADAR1 Capital Management LLC purchased a new position in shares of Crescent Biopharma during the fourth quarter worth approximately $7,187,000. Vestal Point Capital LP purchased a new position in shares of Crescent Biopharma during the fourth quarter worth approximately $17,790,000. Tang Capital Management LLC increased its position in shares of Crescent Biopharma by 28.3% during the fourth quarter. Tang Capital Management LLC now owns 872,398 shares of the biopharmaceutical company’s stock worth $10,347,000 after acquiring an additional 192,574 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Crescent Biopharma during the fourth quarter worth approximately $157,000. Finally, RTW Investments LP purchased a new position in shares of Crescent Biopharma during the fourth quarter worth approximately $4,422,000. 75.19% of the stock is owned by hedge funds and other institutional investors.

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.