Crescent Biopharma (NASDAQ:CBIO) Shares Up 4.6% – Here’s What Happened
by Renee Jackson · The Cerbat GemCrescent Biopharma, Inc. (NASDAQ:CBIO – Get Free Report)’s share price traded up 4.6% during mid-day trading on Wednesday. The stock traded as high as $13.92 and last traded at $14.1950. 147,055 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 298,959 shares. The stock had previously closed at $13.57.
Wall Street Analyst Weigh In
CBIO has been the topic of several research reports. HC Wainwright upgraded shares of Crescent Biopharma from a “neutral” rating to a “buy” rating and set a $36.00 price objective on the stock in a research note on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Crescent Biopharma in a report on Friday, August 7th. Wedbush reiterated an “outperform” rating and set a $27.00 price objective on shares of Crescent Biopharma in a report on Monday, September 14th. Finally, TD Cowen raised Crescent Biopharma to a “strong-buy” rating in a research report on Monday, August 24th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Crescent Biopharma has an average rating of “Buy” and a consensus target price of $32.40.
Get Our Latest Stock Analysis on CBIO
Crescent Biopharma Stock Performance
The company has a market cap of $524.47 million, a price-to-earnings ratio of -2.10 and a beta of 1.27. The company’s 50 day moving average price is $16.76 and its 200 day moving average price is $17.77.
Crescent Biopharma (NASDAQ:CBIO – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.74). On average, equities research analysts forecast that Crescent Biopharma, Inc. will post -2.93 EPS for the current fiscal year.
Insider Buying and Selling
In related news, COO Jonathan McNeill sold 3,839 shares of the business’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $16.71, for a total value of $64,149.69. Following the completion of the sale, the chief operating officer directly 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 document filed with the Securities & Exchange Commission, which is available 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 Brumm sold 7,837 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $16.71, for a total value of $130,956.27. Following the sale, the chief executive officer directly owned 271,765 shares of the company’s stock, valued at $4,541,193.15. The trade was a 2.80% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 16,726 shares of company stock worth $285,501 over the last three months. 24.84% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of CBIO. Opaleye Management Inc. increased its stake in shares of Crescent Biopharma by 0.5% in the second quarter. Opaleye Management Inc. now owns 1,319,351 shares of the biopharmaceutical company’s stock worth $23,748,000 after purchasing an additional 6,736 shares during the period. Squarepoint Ops LLC bought a new position in Crescent Biopharma in the 2nd quarter worth approximately $435,000. Wellington Management Group LLP acquired a new position in shares of Crescent Biopharma during the second quarter worth approximately $263,000. Stonepine Capital Management LLC bought a new stake in shares of Crescent Biopharma in the second quarter valued at approximately $720,000. Finally, Bank of America Corp DE acquired a new stake in shares of Crescent Biopharma in the second quarter worth $465,000. Institutional investors and hedge funds own 75.19% of the company’s stock.