Truist Financial Upgrades Climb Bio (NASDAQ:CLYM) to “Strong-Buy”

Climb Bio (NASDAQ:CLYM) was upgraded by equities researchers at Truist Financial to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Several other brokerages also recently commented on CLYM. HC Wainwright upped their price objective on shares of Climb Bio from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, March 10th. Wedbush began coverage on Climb Bio in a research note on Thursday, March 5th. They issued an “outperform” rating and a $12.00 target price on the stock. Raymond James Financial started coverage on Climb Bio in a report on Tuesday, March 10th. They set a “strong-buy” rating on the stock. Robert W. Baird boosted their target price on Climb Bio from $9.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, March 6th. Finally, Piper Sandler began coverage on Climb Bio in a report on Friday, February 13th. They set an “overweight” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $12.33.

Climb Bio Stock Performance

Shares of Climb Bio stock opened at $7.12 on Tuesday. Climb Bio has a 52-week low of $1.05 and a 52-week high of $8.04. The company’s 50 day moving average price is $5.71 and its 200-day moving average price is $3.60. The stock has a market capitalization of $340.12 million, a price-to-earnings ratio of -8.00 and a beta of -0.25.

Climb Bio (NASDAQ:CLYM) last posted its quarterly earnings results on Thursday, March 5th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.06). As a group, equities research analysts forecast that Climb Bio will post -1.57 earnings per share for the current fiscal year.

Institutional Trading of Climb Bio

Several institutional investors and hedge funds have recently bought and sold shares of CLYM. MPM Bioimpact LLC bought a new stake in Climb Bio during the 4th quarter valued at approximately $10,686,000. Price T Rowe Associates Inc. MD raised its position in shares of Climb Bio by 265.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,923,639 shares of the company’s stock worth $7,695,000 after acquiring an additional 1,396,722 shares in the last quarter. ADAR1 Capital Management LLC raised its position in shares of Climb Bio by 972.8% in the 4th quarter. ADAR1 Capital Management LLC now owns 1,432,475 shares of the company’s stock worth $5,730,000 after acquiring an additional 1,298,945 shares in the last quarter. Sphera Funds Management LTD. lifted its stake in shares of Climb Bio by 114.4% in the 4th quarter. Sphera Funds Management LTD. now owns 932,247 shares of the company’s stock valued at $3,729,000 after purchasing an additional 497,410 shares during the period. Finally, Kotler Kevin purchased a new position in shares of Climb Bio in the 4th quarter valued at approximately $1,600,000. 69.76% of the stock is currently owned by hedge funds and other institutional investors.

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.