Bank of New York Mellon Corp Takes $1.61 Million Position in Climb Bio, Inc. $CLYM

Key Points

• Bank of New York Mellon acquired 123,658 Climb Bio shares worth approximately $1.61 million, representing about 0.22% of the company. Institutional investors collectively own 69.76% of CLYM.
• Climb Bio reported a quarterly loss of $0.18 per share, beating analyst expectations of a $0.21 loss. Shares opened at $15.90, up substantially from the 52-week low of $1.54.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $26.92; recent targets range from $20 to $32.

Bank of New York Mellon Corp acquired a new position in shares of Climb Bio, Inc. (NASDAQ:CLYM - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 123,658 shares of the company's stock, valued at approximately $1,613,000. Bank of New York Mellon Corp owned about 0.22% of Climb Bio at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC bought a new stake in Climb Bio during the first quarter worth $27,000. Goldman Sachs Group Inc. bought a new position in Climb Bio in the 1st quarter valued at $147,000. Marshall Wace LLP bought a new position in Climb Bio in the 2nd quarter valued at $46,000. Qube Research & Technologies Ltd purchased a new stake in shares of Climb Bio during the 2nd quarter valued at $43,000. Finally, Jane Street Group LLC purchased a new stake in shares of Climb Bio during the 2nd quarter valued at $184,000. Institutional investors own 69.76% of the company's stock.

Climb Bio Stock Performance

Shares of CLYM opened at $15.90 on Wednesday. The stock's 50-day simple moving average is $14.14 and its 200 day simple moving average is $10.96. The stock has a market capitalization of $913.23 million, a price-to-earnings ratio of -19.16 and a beta of 0.09. Climb Bio, Inc. has a 52-week low of $1.54 and a 52-week high of $18.33.

Climb Bio (NASDAQ:CLYM - Get Free Report) last posted its 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. On average, research analysts forecast that Climb Bio, Inc. will post -0.78 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CLYM shares. Weiss Ratings restated a "sell (d-)" rating on shares of Climb Bio in a report on Friday, July 17th. Oppenheimer boosted their target price on shares of Climb Bio from $18.00 to $25.00 and gave the company an "outperform" rating in a research note on Tuesday. BTIG Research increased their target price on shares of Climb Bio from $20.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, September 3rd. Royal Bank Of Canada initiated coverage on shares of Climb Bio in a research note on Monday, August 3rd. They set an "outperform" rating and a $23.00 price target for the company. Finally, Wedbush reaffirmed an "outperform" rating and issued a $20.00 price target on shares of Climb Bio in a report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Climb Bio has a consensus rating of "Moderate Buy" and a consensus price target of $26.92.

Climb Bio 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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