Crescent Biopharma initiated with a Buy at H.C. Wainwright

H.C. Wainwright initiated coverage of Crescent Biopharma (CBIO) with a Buy rating and $25 price target The company’s lead asset, CR-001, is a bispecific antibody targeting programmed cell death protein 1 and vascular endothelial growth factor, the analyst tells investors in a research note. The firm sees an attractive valuation at current share levels and views Crescent as a potential takeover target.