Climb Bio (NASDAQ:CLYM) Trading 10.9% Higher After Analyst Upgrade

Key Points

• Climb Bio shares rose 10.9% after Wedbush increased its price target from $17 to $20 while maintaining an “outperform” rating. The stock reached $14.25, though trading volume was 75% below its average.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $22; three analysts rate it a Strong Buy and ten rate it a Buy, versus one Sell rating.
• Institutional investors and hedge funds own 69.76% of Climb Bio. The clinical-stage biotechnology company recently reported a quarterly loss of $0.20 per share, which was better than analysts’ expected loss of $0.26.

Shares of Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report) were up 10.9% 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. 228,260 shares traded hands during trading, a decline of 75% from the average session volume of 897,106 shares. The stock had previously closed at $12.84.

CLYM has been the topic of a number of other research reports. HC Wainwright restated a "buy" rating and issued a $20.00 target price on shares of Climb Bio in a research note on Wednesday, June 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Climb Bio in a research report on Friday, July 17th. Chardan Capital initiated coverage on Climb Bio in a research report on Tuesday, May 5th. They set a "buy" rating and a $22.00 price target on the stock. Wall Street Zen upgraded Climb Bio from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, BTIG Research lifted their target price on Climb Bio from $19.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, June 11th. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Climb Bio presently has a consensus rating of "Buy" and an average target price of $22.00.

Hedge Funds Weigh In On Climb Bio

A number of hedge funds have recently modified their holdings of CLYM. Peapod Lane Capital LLC boosted its position in Climb Bio by 0.7% during the fourth quarter. Peapod Lane Capital LLC now owns 565,992 shares of the company's stock valued at $2,264,000 after purchasing an additional 4,126 shares during the last quarter. XTX Topco Ltd increased its position in Climb Bio by 19.4% in the 4th quarter. XTX Topco Ltd now owns 34,852 shares of the company's stock worth $139,000 after purchasing an additional 5,668 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Climb Bio during the 4th quarter worth about $43,000. Blair William & Co. IL purchased a new stake in shares of Climb Bio during the 4th quarter worth about $44,000. Finally, Hsbc Holdings PLC lifted its holdings in shares of Climb Bio by 107.2% during the 4th quarter. Hsbc Holdings PLC now owns 24,744 shares of the company's stock valued at $99,000 after buying an additional 12,800 shares during the last quarter. 69.76% of the stock is owned by institutional investors and hedge funds.

Climb Bio Trading Up 10.7%

The firm has a market capitalization of $813.66 million, a price-to-earnings ratio of -18.22 and a beta of 0.07. The company has a fifty day moving average price of $12.01 and a 200-day moving average price of $8.74.

Climb Bio (NASDAQ:CLYM - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.20) EPS for the quarter, topping analysts' consensus estimates of ($0.26) by $0.06. As a group, sell-side analysts predict that Climb Bio, Inc. will post -0.87 EPS for the current fiscal 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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