Climb Bio (NASDAQ:CLYM) Sets New 52-Week High Following Analyst Upgrade

Climb Bio, Inc. (NASDAQ:CLYM)’s stock price reached a new 52-week high during trading on Tuesday after Wedbush raised their price target on the stock from $17.00 to $20.00. Wedbush currently has an outperform rating on the stock. Climb Bio traded as high as $14.42 and last traded at $12.79, with a volume of 1209254 shares trading hands. The stock had previously closed at $12.84.

Other equities analysts have also issued reports about the stock. Chardan Capital started coverage on shares of Climb Bio in a report on Tuesday, May 5th. They issued a “buy” rating and a $22.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $20.00 price objective on shares of Climb Bio in a report on Wednesday, June 24th. Robert W. Baird set a $21.00 price objective on Climb Bio in a research report on Wednesday, May 6th. BTIG Research boosted their target price on Climb Bio from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Climb Bio in a research report on Friday, July 17th. Three analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $22.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Seven Fleet Capital Management LP purchased a new stake in shares of Climb Bio during the fourth quarter valued at $306,000. ArchPoint Investors purchased a new position in Climb Bio in the 4th quarter worth $486,000. 683 Capital Management LLC purchased a new position in Climb Bio in the 4th quarter worth $807,000. Peapod Lane Capital LLC lifted its position in Climb Bio by 0.7% during the 4th quarter. Peapod Lane Capital LLC now owns 565,992 shares of the company’s stock worth $2,264,000 after acquiring an additional 4,126 shares during the period. Finally, Sphera Funds Management LTD. lifted its position in Climb Bio by 114.4% during the 4th quarter. Sphera Funds Management LTD. now owns 932,247 shares of the company’s stock worth $3,729,000 after acquiring an additional 497,410 shares during the period. Hedge funds and other institutional investors own 69.76% of the company’s stock.

Climb Bio Stock Performance

The company has a 50 day simple moving average of $12.07 and a two-hundred day simple moving average of $8.81. The firm has a market cap of $732.36 million, a PE ratio of -16.40 and a beta of 0.07.

Climb Bio (NASDAQ:CLYM) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.06. As a group, research analysts predict that Climb Bio, Inc. will post -0.87 earnings per share for the current fiscal year.

About Climb Bio

Climb Bio Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of engineered protein therapeutics for the treatment of cancer and immune-mediated disorders. The company’s mission centers on designing biologics with enhanced specificity and functional activity to engage key cellular targets and improve patient outcomes in areas of high unmet need.

At the heart of Climb Bio’s approach is its proprietary protein engineering platform, which combines mammalian cell display, directed evolution and computational modeling.