Braidwell LP Boosts Stake in Climb Bio, Inc. $CLYM

Key Points

• Braidwell LP more than doubled its Climb Bio stake in the second quarter, adding 1.57 million shares to own 3.10 million shares, or approximately 5.4% of the company. Institutional investors collectively hold 69.76% of Climb Bio.
• Analyst sentiment is generally positive: Climb Bio has an average “Buy” rating and a consensus price target of $23.08, though ratings range from Guggenheim’s $35 target to a “sell” call from Weiss Ratings.
• Climb Bio shares opened at $15.05, with the stock trading between a 52-week low of $1.54 and high of $18.33. The company recently reported a quarterly loss of $0.18 per share, beating estimates for a $0.21 loss.

Braidwell LP lifted its stake in shares of Climb Bio, Inc. (NASDAQ:CLYM - Free Report) by 102.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,099,027 shares of the company's stock after purchasing an additional 1,569,352 shares during the period. Climb Bio accounts for about 1.5% of Braidwell LP's portfolio, making the stock its 26th largest holding. Braidwell LP owned approximately 5.40% of Climb Bio worth $40,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the company. Legal & General Group Plc purchased a new stake in shares of Climb Bio in the 2nd quarter valued at approximately $45,000. Virtu Financial LLC purchased a new stake in shares of Climb Bio in the 4th quarter valued at approximately $43,000. Blair William & Co. IL purchased a new stake in shares of Climb Bio in the 4th quarter valued at approximately $44,000. Balyasny Asset Management L.P. acquired a new position in shares of Climb Bio in the 4th quarter worth approximately $57,000. Finally, State of Wyoming acquired a new stake in Climb Bio in the 2nd quarter valued at approximately $187,000. Hedge funds and other institutional investors own 69.76% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on CLYM. Guggenheim initiated coverage on Climb Bio in a research note on Monday, June 8th. They set a "buy" rating and a $35.00 price target on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Climb Bio in a research note on Friday, July 17th. Wall Street Zen upgraded Climb Bio from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. BTIG Research boosted their price target on shares of Climb Bio from $19.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, June 11th. Finally, Robert W. Baird set a $21.00 price objective on shares of Climb Bio in a research note on Wednesday, May 6th. Two investment 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's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $23.08.

Climb Bio Stock Up 1.6%

NASDAQ CLYM opened at $15.05 on Thursday. Climb Bio, Inc. has a 52 week low of $1.54 and a 52 week high of $18.33. The firm has a 50 day moving average of $13.95 and a two-hundred day moving average of $10.69. The stock has a market capitalization of $864.47 million, a PE ratio of -18.13 and a beta of 0.09.

Climb Bio (NASDAQ:CLYM - Get Free Report) last announced its quarterly earnings data 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, equities research analysts expect that Climb Bio, Inc. will post -0.82 earnings per share for the current fiscal year.

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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