Mizuho Upgrades Climb Bio (NASDAQ:CLYM) to "Strong-Buy"

Key Points

• Mizuho upgraded Climb Bio to a “strong-buy” rating. Other analysts have also raised price targets, with the consensus target now at $26.92 and an overall “Buy” rating.
• Climb Bio shares opened at $15.90, near their 52-week high of $18.33, while the company reported quarterly EPS of -$0.18—better than the expected -$0.21.
• Institutional investors own approximately 69.76% of Climb Bio’s stock, with several funds recently initiating new positions.

Climb Bio (NASDAQ:CLYM - Get Free Report) was upgraded by equities researchers at Mizuho to a "strong-buy" rating in a report released on Monday, Zacks reports.

A number of other brokerages have also recently issued reports on CLYM. Royal Bank Of Canada started coverage on Climb Bio in a research note on Monday, August 3rd. They set an "outperform" rating and a $23.00 price objective for the company. Truist Financial lifted their price target on Climb Bio from $17.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. B. Riley Financial reissued a "buy" rating and set a $30.00 price objective (up from $26.00) on shares of Climb Bio in a research report on Friday, September 4th. Oppenheimer upped their target price on shares of Climb Bio from $18.00 to $25.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, HC Wainwright raised their price target on shares of Climb Bio from $24.00 to $30.00 and gave the company a "buy" rating in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Climb Bio currently has an average rating of "Buy" and a consensus price target of $26.92.

Climb Bio Price Performance

Shares of Climb Bio stock opened at $15.90 on Monday. The company has a 50-day moving average of $14.14 and a 200 day moving average of $10.96. The firm has a market cap of $913.23 million, a price-to-earnings ratio of -19.16 and a beta of 0.09. Climb Bio has a 1 year low of $1.54 and a 1 year high of $18.33.

Climb Bio (NASDAQ:CLYM - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.03. On average, equities analysts anticipate that Climb Bio will post -0.78 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc purchased a new stake in Climb Bio during the second quarter valued at $45,000. California State Teachers Retirement System bought a new position in shares of Climb Bio in the 2nd quarter worth approximately $82,000. Virtu Financial LLC bought a new stake in Climb Bio during the fourth quarter valued at approximately $43,000. Blair William & Co. IL bought a new stake in Climb Bio during the fourth quarter valued at approximately $44,000. Finally, Spark Investment Management LLC purchased a new stake in Climb Bio during the second quarter valued at approximately $177,000. Institutional investors own 69.76% of the company's stock.

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.

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