The Manufacturers Life Insurance Company Makes New $2.15 Million Investment in Climb Bio, Inc. $CLYM

Key Points

• The Manufacturers Life Insurance Company acquired 164,712 Climb Bio shares worth approximately $2.15 million, representing about 0.29% of the company. Institutional investors collectively own 69.76% of the stock.
• Climb Bio reported a quarterly loss of $0.18 per share, beating analysts’ estimate of a $0.21 loss. Analysts expect a full-year loss of $0.82 per share.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $23.08, versus the stock’s reported opening price of $15.05.

The Manufacturers Life Insurance Company bought a new stake in shares of Climb Bio, Inc. (NASDAQ:CLYM - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 164,712 shares of the company's stock, valued at approximately $2,148,000. The Manufacturers Life Insurance Company owned about 0.29% of Climb Bio at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. AQR Capital Management LLC acquired a new position in shares of Climb Bio during the first quarter valued at about $27,000. Qube Research & Technologies Ltd acquired a new stake in Climb Bio during the second quarter worth about $43,000. Virtu Financial LLC bought a new position in Climb Bio during the fourth quarter valued at about $43,000. Blair William & Co. IL acquired a new position in Climb Bio in the 4th quarter valued at approximately $44,000. Finally, Marshall Wace LLP acquired a new position in Climb Bio in the 2nd quarter valued at approximately $46,000. 69.76% of the stock is owned by institutional investors.

Climb Bio Stock Performance

Shares of CLYM opened at $15.05 on Thursday. The company has a market cap of $864.47 million, a price-to-earnings ratio of -18.13 and a beta of 0.09. The stock has a fifty day moving average price of $13.95 and a two-hundred day moving average price of $10.69. 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 issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.18) EPS for the quarter, topping analysts' consensus estimates of ($0.21) by $0.03. As a group, research analysts predict that Climb Bio, Inc. will post -0.82 EPS for the current fiscal year.

Analysts Set New Price Targets

CLYM has been the subject of several research reports. Wall Street Zen raised Climb Bio from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Royal Bank Of Canada started coverage on shares of Climb Bio in a research note on Monday, August 3rd. They issued an "outperform" rating and a $23.00 price objective for the company. Wedbush reaffirmed an "outperform" rating and set a $20.00 price objective on shares of Climb Bio in a report on Wednesday, August 19th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Climb Bio in a research report on Friday, July 17th. Finally, Robert W. Baird set a $21.00 target price on shares of Climb Bio in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $23.08.

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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