Analyst Charles Zhu from LifeSci Capital maintained a Buy rating on Crescent Biopharma and keeping the price target at $22.00.
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Charles Zhu has given his Buy rating due to a combination of factors tied to Crescent Biopharma’s advancing clinical and partnership momentum. He notes that the recent FDA clearance of the IND for CR-001, a PD-1/VEGF bispecific, alongside China’s NMPA approval for CR-003 through partner Kelun-Biotech, materially de-risks the near-term development path. The global Phase 1/2 ASCEND trial of CR-001 is designed to be broad and ambitious, targeting multiple major tumor types and both first- and later-line settings, creating multiple shots on goal for proof-of-concept by early 2027. Management’s confidence in CR-001’s potential to achieve a best-in-class profile, combined with expectations for four clinical trials to initiate across the portfolio in 2026, underpins a robust innovation and execution story.
In addition, Zhu emphasizes that the strategic collaboration with Kelun strengthens Crescent’s global footprint by clearly dividing territorial rights for CR-001 and CR-003, allowing each party to focus resources on their respective regions. The partnership, along with recent financing, extends the company’s cash runway to cover critical clinical milestones, reducing financing risk over the next couple of years. He also highlights that prior LifeSci coverage has consistently pointed to a growing and increasingly validated pipeline. Taken together, these operational, strategic, and financial elements support Zhu’s view that CBIO’s current valuation does not fully reflect its long-term upside potential, justifying a Buy recommendation.
In another report released on December 18, Wedbush also initiated coverage with a Buy rating on the stock with a $27.00 price target.