Crescent Biopharma initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Crescent Biopharma with an Overweight rating. Crescent is reverse-merging into Glycomimetics (GLYC) in a deal that is expected to close in Q2, the analyst tells investors in a research note. The firm views CR-001 as an attractive “fast follower” to ivonescimab that could be rapidly de-risked and might gain meaningful share in a potential VEGF x PD-(L)1 bispecifics market worth over $100B.