Key Points
- Crescent Biopharma COO Jonathan Mcneill sold 20,549 shares on June 22 at an average price of $17.99, for total proceeds of about $369,677. The sale was made under a pre-arranged Rule 10b5-1 plan and to cover tax withholding tied to vesting equity awards.
- After the transaction, Mcneill still held 139,158 shares valued at roughly $2.5 million, representing a 12.87% reduction in his position.
- The company recently beat quarterly expectations, reporting EPS of -$0.70 versus the -$0.85 consensus and revenue of $1.04 million versus $0.36 million expected. Analysts currently rate CBIO as a Moderate Buy with an average price target of $29.00.
Crescent Biopharma, Inc. (NASDAQ:CBIO - Get Free Report) CFO Richard William Scalzo sold 1,112 shares of Crescent Biopharma stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $20,004.88. Following the transaction, the chief financial officer directly owned 20,298 shares of the company's stock, valued at $365,161.02. This represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a legal 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.
Crescent Biopharma Stock Down 0.4%
NASDAQ:CBIO opened at $17.50 on Wednesday. The firm has a market cap of $482.30 million, a PE ratio of -1.60 and a beta of 1.16. Crescent Biopharma, Inc. has a 12 month low of $8.72 and a 12 month high of $27.41. The company's 50-day moving average price is $19.82 and its two-hundred day moving average price is $15.03.
Crescent Biopharma (NASDAQ:CBIO - Get Free Report) last posted 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 analyst estimates of $0.36 million. On average, research analysts expect that Crescent Biopharma, Inc. will post -3.25 EPS for the current fiscal year.
Wall Street Analyst Weigh In
CBIO has been the subject of a number of recent analyst reports. Stifel Nicolaus set a $29.00 price target on Crescent Biopharma in a report on Thursday, February 26th. Weiss Ratings upgraded Crescent Biopharma from a "sell (e)" rating to a "sell (d-)" rating in a report on Wednesday, May 13th. HC Wainwright lowered their target price on Crescent Biopharma from $25.00 to $22.00 and set a "buy" rating for the company in a research note on Monday, March 2nd. Finally, Wall Street Zen raised Crescent Biopharma from a "sell" rating to a "hold" rating in a report on Saturday, March 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $29.00.
View Our Latest Report on CBIO
Institutional Investors Weigh In On Crescent Biopharma
Institutional investors and hedge funds have recently modified their holdings of the business. Commodore Capital LP acquired a new position in Crescent Biopharma in the second quarter valued at approximately $7,322,000. Adage Capital Partners GP L.L.C. acquired a new stake in Crescent Biopharma during the 2nd quarter worth $1,629,000. Bank of America Corp DE acquired a new stake in Crescent Biopharma during the 2nd quarter worth $149,000. Perceptive Advisors LLC bought a new stake in shares of Crescent Biopharma during the 2nd quarter valued at $7,322,000. Finally, Soleus Capital Management L.P. bought a new stake in shares of Crescent Biopharma during the 2nd quarter valued at $6,456,000. 75.19% of the stock is owned by institutional investors.
About Crescent Biopharma
(
Get Free Report)
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.
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