Crescent Biopharma initiated with an Outperform at Wedbush

Wedbush initiated coverage of Crescent Biopharma (CBIO) with an Outperform rating and $27 price target The firm says Crescent is an oncology-focused company developing programs for the treatment of solid tumors. Wedbush expects the company’s additional topoisomerase-1 inhibitor-based antibody drug conjugate programs CR-002 and CR-003 to allow for synergistic combinations with CR-001 and drive “differentiated activity with validated mechanisms.”