Crescent Biopharma, Inc. (NASDAQ:CBIO) Short Interest Up 103.8% in September

Crescent Biopharma, Inc. (NASDAQ:CBIO) was the recipient of a significant increase in short interest in September. As of September 15th, there was short interest totaling 261,900 shares, an increase of 103.8% from the August 31st total of 128,500 shares. Based on an average trading volume of 122,000 shares, the days-to-cover ratio is presently 2.1 days. Approximately 2.4% of the company’s stock are short sold. Approximately 2.4% of the company’s stock are short sold. Based on an average trading volume of 122,000 shares, the days-to-cover ratio is presently 2.1 days.

Institutional Trading of Crescent Biopharma

A number of hedge funds and other institutional investors have recently modified their holdings of CBIO. Jefferies Financial Group Inc. acquired a new stake in shares of Crescent Biopharma in the 2nd quarter worth $437,000. Affinity Asset Advisors LLC acquired a new stake in shares of Crescent Biopharma in the 2nd quarter worth $4,520,000. Commodore Capital LP purchased a new position in shares of Crescent Biopharma during the 2nd quarter worth $7,322,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Crescent Biopharma during the 2nd quarter worth $1,629,000. Finally, Bank of America Corp DE purchased a new position in shares of Crescent Biopharma during the 2nd quarter worth $149,000. 75.19% of the stock is owned by institutional investors and hedge funds.

Crescent Biopharma Stock Down 2.6%

Shares of CBIO opened at $11.72 on Monday. Crescent Biopharma has a 52-week low of $10.83 and a 52-week high of $63.00. The firm has a market cap of $229.13 million, a P/E ratio of -0.34 and a beta of 1.51. The business has a fifty day moving average of $13.00.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Stifel Nicolaus assumed coverage on shares of Crescent Biopharma in a report on Wednesday, June 25th. They set a “buy” rating and a $28.00 price objective on the stock. Wedbush assumed coverage on Crescent Biopharma in a research report on Monday, July 14th. They issued an “outperform” rating and a $27.00 target price on the stock. Lifesci Capital upgraded Crescent Biopharma to a “strong-buy” rating and set a $22.00 target price on the stock in a research report on Wednesday, June 18th. Wall Street Zen lowered Crescent Biopharma from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. Finally, TD Cowen upgraded Crescent Biopharma to a “strong-buy” rating in a research report on Friday, June 20th. Two investment analysts have rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $25.60.

About Crescent Biopharma

Crescent Biopharma, Inc operates as a biopharmaceutical company that develops and designs small molecule therapeutics to treat cancers. The company was founded on September 19, 2024 and is headquartered in Waltham, MA.