Climb Bio (NASDAQ:CLYM) Hits New 12-Month High - What's Next?

Key Points

• Climb Bio shares reached a new 52-week high, trading as high as $14.55 and up 3.9% intraday, with market capitalization around $826.6 million.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $22.75; recent targets range from $18 to $35, though Weiss Ratings maintained a “sell” rating.
• The company exceeded quarterly earnings expectations, reporting a loss of $0.18 per share versus the projected $0.21 loss. Institutional investors own 69.76% of the stock, with several major funds recently building positions.

Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $14.55 and last traded at $14.39, with a volume of 1318254 shares changing hands. The stock had previously closed at $13.85.

Analyst Ratings Changes

A number of analysts have recently commented on CLYM shares. Guggenheim assumed 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. Royal Bank Of Canada initiated coverage on Climb Bio in a research note on Monday, August 3rd. They set an "outperform" rating and a $23.00 target price for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Climb Bio in a report on Friday, July 17th. Truist Financial boosted their price target on shares of Climb Bio from $17.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Finally, Mizuho started coverage on shares of Climb Bio in a report on Wednesday, April 15th. They issued an "outperform" rating and a $18.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $22.75.

Climb Bio Trading Up 3.9%

The stock has a fifty day moving average of $12.53 and a 200-day moving average of $9.53. The firm has a market capitalization of $826.56 million, a price-to-earnings ratio of -17.34 and a beta of 0.08.

Climb Bio (NASDAQ:CLYM - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.18) earnings per share for the quarter, beating analysts' consensus estimates of ($0.21) by $0.03. As a group, equities research analysts forecast that Climb Bio, Inc. will post -0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. MPM Bioimpact LLC purchased a new stake in shares of Climb Bio in the 4th quarter valued at approximately $10,686,000. BlackRock Inc. acquired a new stake in Climb Bio during the 2nd quarter valued at $30,708,000. Price T Rowe Associates Inc. MD lifted its holdings 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 purchasing an additional 1,396,722 shares in the last quarter. ADAR1 Capital Management LLC lifted its holdings 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 purchasing an additional 1,298,945 shares in the last quarter. Finally, Sphera Funds Management LTD. lifted its holdings 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 valued at $3,729,000 after purchasing an additional 497,410 shares in the last quarter. 69.76% of the stock is currently owned by institutional investors and hedge funds.

Climb Bio Company Profile

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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