Crescent Biopharma (NASDAQ:CBIO) CFO Sells $20,004.88 in Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) CFO Richard William Scalzo sold 1,112 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $20,004.88. Following the completion of the sale, the chief financial officer owned 20,298 shares in the company, valued at $365,161.02. This represents a 5.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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.

Crescent Biopharma Price Performance

Shares of Crescent Biopharma stock opened at $16.99 on Friday. Crescent Biopharma, Inc. has a 1 year low of $8.72 and a 1 year high of $27.41. The company has a market capitalization of $468.24 million, a P/E ratio of -1.56 and a beta of 1.16. The business has a 50 day moving average price of $19.76 and a 200 day moving average price of $15.09.

Crescent Biopharma (NASDAQ:CBIO) last posted its earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.15. The company had revenue of $1.04 million during the quarter, compared to analysts’ expectations of $0.36 million. As a group, research analysts expect that Crescent Biopharma, Inc. will post -3.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Crescent Biopharma

Several large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE purchased a new stake in Crescent Biopharma in the 2nd quarter valued at about $149,000. Cannon Global Investment Management LLC purchased a new position in shares of Crescent Biopharma during the 1st quarter worth about $187,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Crescent Biopharma in the fourth quarter worth approximately $138,000. HRT Financial LP purchased a new stake in Crescent Biopharma in the fourth quarter valued at approximately $155,000. Finally, Quadrature Capital Ltd acquired a new position in Crescent Biopharma during the fourth quarter worth approximately $157,000. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

About Crescent Biopharma

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.