Climb Bio (NASDAQ:CLYM) Shares Up 10.9% Following Analyst Upgrade

Shares of Climb Bio, Inc. (NASDAQ:CLYM) rose 10.9% during mid-day trading on Monday 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 $14.25 and last traded at $14.24. Approximately 228,260 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 897,106 shares. The stock had previously closed at $12.84.

Several other equities analysts have also weighed in on CLYM. Oppenheimer raised their target price on Climb Bio from $10.00 to $18.00 and gave the company an “outperform” rating in a report on Tuesday, April 21st. BTIG Research increased their price objective on Climb Bio from $19.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, June 11th. Guggenheim initiated coverage on Climb Bio in a research note on Monday, June 8th. They issued a “buy” rating and a $35.00 price objective on the stock. Robert W. Baird set a $21.00 price objective on Climb Bio in a research note on Wednesday, May 6th. Finally, Wall Street Zen upgraded Climb Bio from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Climb Bio presently has a consensus rating of “Buy” and an average price target of $22.00.

Institutional Investors Weigh In On Climb Bio

Several hedge funds and other institutional investors have recently made changes to their positions in the business. 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 boosted its position in shares of Climb Bio by 265.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,923,639 shares of the company’s stock valued at $7,695,000 after acquiring an additional 1,396,722 shares during the period. ADAR1 Capital Management LLC boosted its position in shares of Climb Bio by 972.8% in the fourth quarter. ADAR1 Capital Management LLC now owns 1,432,475 shares of the company’s stock valued at $5,730,000 after acquiring an additional 1,298,945 shares during the period. Sphera Funds Management LTD. grew its stake in shares of Climb Bio by 114.4% in the fourth 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 last quarter. Finally, Kotler Kevin bought a new position in Climb Bio during the fourth quarter worth $1,600,000. 69.76% of the stock is owned by institutional investors and hedge funds.

Climb Bio Stock Performance

The company’s 50 day moving average is $12.01 and its 200 day moving average is $8.74. The stock has a market capitalization of $813.66 million, a price-to-earnings ratio of -18.22 and a beta of 0.07.

Climb Bio (NASDAQ:CLYM) last posted 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. On average, equities research analysts anticipate 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.