AirNet Technology raises $180 million in digital assets offering
Investing.com - Wedbush initiated coverage on Catalyst Biosciences (NASDAQ:CBIO) with an Outperform rating and a price target of $27.00 on Monday. According to InvestingPro data, the company, currently valued at $8.42 million, holds more cash than debt on its balance sheet, though the stock has declined 15.24% over the past week.
The research firm highlighted CBIO as an oncology-focused company developing a PD-1 x VEGF bispecific, CR-001, and two Top1i-ADC programs designed to treat solid tumors.
Wedbush noted that CR-001 recapitulates the critical features of leading PD-1 x VEGF bispecific ivonescimab, allowing CBIO to leverage ongoing clinical data updates and pursue de-risked opportunities as a fast-follower across solid tumor indications.
The firm expects CBIO’s additional Top1i-based ADC programs, CR-002 and CR-003, to enable synergistic combinations with CR-001 and drive differentiated activity with validated mechanisms.
Wedbush’s $27 price target represents significant upside potential for Catalyst Biosciences stock based on its current market valuation.
In other recent news, Crescent Biopharma has appointed Jan Pinkas, Ph.D., as its new chief scientific officer. Pinkas brings extensive experience in oncology drug development, notably in antibody-drug conjugates, which aligns with Crescent’s ongoing efforts in advancing its oncology pipeline. Meanwhile, GlycoMimetics has announced a 1-for-100 reverse stock split, set to take effect following its anticipated merger with Crescent Biopharma. This strategic move will significantly reduce GlycoMimetics’ outstanding common stock, although the total authorized common stock will remain unchanged.
Furthermore, GlycoMimetics has amended its merger agreement with Crescent Biopharma, as detailed in a recent 8-K filing with the SEC. The amendment includes adjustments to the exchange ratio for Crescent’s restricted stock units and clarifies voting mechanisms related to GlycoMimetics’ Series A Non-Voting Convertible Preferred Stock. The merger is structured as a stock-for-stock transaction, with Crescent shareholders expected to receive approximately 15.4192 shares of GlycoMimetics common stock for each Crescent share. Upon completion, Crescent security holders are anticipated to own about 97.4% of the merged entity, while GlycoMimetics shareholders will hold around 2.6%.
The SEC has yet to approve the securities involved in this transaction, and the merger remains subject to customary closing conditions. Investors are encouraged to review the Registration Statement on Form S-4 filed by GlycoMimetics for further details.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.