Crescent Biopharma initiated with a Buy at TD Cowen

TD Cowen initiated coverage of Crescent Biopharma (CBIO) with a Buy rating and no price target Crescent develops “best-in-class” molecules for validated oncology targets, the analyst tells investors in a research note. The firm says the company’s lead asset CR-001 is a PD-1 x VEGF bispecific with potential to advance standard of care in solid tumors such as non-small cell lung cancer, a $15B market. Proof of concept data for CR-001 is expected by the second half of 2026, “which could be a significant value inflection point,” contend TD.