Crescent Biopharma initiated with a Buy at Guggenheim

Guggenheim analyst Brad Canino initiated coverage of Crescent Biopharma (CBIO) with a Buy rating and $35 price target. Crescent is 12-15 months from initial CR-001 data due in Q1 of 2027 that will include first-line lung patients to provide a clear comparable to Summit Therapeutics’ (SMMT) ivonescimab and the company unveiled a proprietary ADC pipeline against two clinically validated targets that can generate independent value with monotherapy activity and be synergistic with CR-001 in earlier solid tumor treatment settings, the analyst tells investors. If the firm’s Summit ivonescimab thesis plays out successfully in 2026, “like we think it will,” the firm sees Crescent being set up to be “awarded significant value both from what the company is replicating and what the company is pioneering,” the analyst added.