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

Key Points

• Shares hit a new 52-week high after BTIG raised its price target from $8 to $19 and maintained a buy rating; the stock traded as high as $12.10 and last at $11.773 on about 209,425 shares.
• Analyst coverage is broadly positive — three firms rate it Strong Buy, nine Buy and one Sell — giving Climb Bio a MarketBeat consensus rating of Buy with a consensus price target of $19.30.
• Several institutional investors (notably MPM Bioimpact, Price T. Rowe, ADAR1 and Sphera) significantly increased holdings, leaving institutions with 69.76% ownership.

Shares of Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report) hit a new 52-week high during trading on Wednesday after BTIG Research raised their price target on the stock from $8.00 to $19.00. BTIG Research currently has a buy rating on the stock. Climb Bio traded as high as $12.10 and last traded at $11.7730, with a volume of 209425 shares trading hands. The stock had previously closed at $11.45.

A number of other analysts have also recently commented on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Climb Bio in a research note on Monday, April 20th. Piper Sandler initiated coverage on shares of Climb Bio in a research note on Friday, February 13th. They issued an "overweight" rating on the stock. Raymond James Financial initiated coverage on shares of Climb Bio in a research note on Tuesday, March 10th. They issued a "strong-buy" rating and a $25.00 target price on the stock. B. Riley Financial initiated coverage on shares of Climb Bio in a research note on Tuesday, March 24th. They issued a "buy" rating and a $26.00 target price on the stock. Finally, Chardan Capital initiated coverage on shares of Climb Bio in a research note on Tuesday. They issued a "buy" rating and a $22.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $19.30.

Hedge Funds Weigh In On Climb Bio

Several institutional investors and hedge funds have recently made changes to their positions in the business. MPM Bioimpact LLC bought a new stake in Climb Bio in the 4th quarter worth $10,686,000. Price T Rowe Associates Inc. MD grew its holdings in 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 during the last quarter. ADAR1 Capital Management LLC grew its holdings in 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 during the last quarter. Sphera Funds Management LTD. grew its holdings in Climb Bio by 114.4% in 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 last quarter. Finally, Peapod Lane Capital LLC grew its holdings in Climb Bio by 0.7% in 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 last quarter. Institutional investors own 69.76% of the company's stock.

Climb Bio Trading Up 4.8%

The firm has a market cap of $573.14 million, a P/E ratio of -13.42 and a beta of 0.02. The business's fifty day simple moving average is $7.66 and its 200-day simple moving average is $4.93.

Climb Bio (NASDAQ:CLYM - Get Free Report) last posted its earnings results on Thursday, March 5th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.06). Analysts anticipate that Climb Bio, Inc. will post -1.11 earnings per share for the current year.

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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