Wellington Management Group LLP Takes Position in Climb Bio, Inc. $CLYM

Key Points

• Wellington Management purchased 96,807 Climb Bio shares worth approximately $1.26 million, taking a 0.17% stake. Institutional investors collectively own 69.76% of the company.
• Climb Bio reported a quarterly loss of $0.18 per share, beating analyst expectations of a $0.21 loss. Analysts expect a full-year loss of $0.78 per share.
• Analyst sentiment remains broadly positive, with an average “Buy” rating and a $26.92 price target, compared with the stock’s recent price of $14.25; however, shares were down 4.7% and one analyst maintained a sell rating.

Wellington Management Group LLP purchased a new position in shares of Climb Bio, Inc. (NASDAQ:CLYM - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 96,807 shares of the company's stock, valued at approximately $1,262,000. Wellington Management Group LLP owned 0.17% of Climb Bio at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Legal & General Group Plc bought a new position in Climb Bio during the 2nd quarter worth $45,000. XTX Topco Ltd lifted its stake in Climb Bio by 19.4% in the fourth quarter. XTX Topco Ltd now owns 34,852 shares of the company's stock valued at $139,000 after buying an additional 5,668 shares during the last quarter. Virtu Financial LLC bought a new stake in Climb Bio in the fourth quarter valued at $43,000. Blair William & Co. IL acquired a new position in shares of Climb Bio during the fourth quarter valued at $44,000. Finally, Hsbc Holdings PLC boosted its holdings in shares of Climb Bio by 107.2% during the fourth quarter. Hsbc Holdings PLC now owns 24,744 shares of the company's stock valued at $99,000 after acquiring an additional 12,800 shares during the period. Institutional investors own 69.76% of the company's stock.

Climb Bio Stock Down 4.7%

Shares of NASDAQ CLYM opened at $14.25 on Friday. Climb Bio, Inc. has a fifty-two week low of $1.54 and a fifty-two week high of $18.33. The firm's 50-day simple moving average is $14.24 and its 200 day simple moving average is $11.12. The stock has a market cap of $818.46 million, a P/E ratio of -17.17 and a beta of 0.09.

Climb Bio (NASDAQ:CLYM - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.03. On average, sell-side analysts anticipate that Climb Bio, Inc. will post -0.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Robert W. Baird increased their price objective on shares of Climb Bio from $21.00 to $25.00 and gave the stock an "outperform" rating in a report on Thursday, September 3rd. Truist Financial upped their target price on shares of Climb Bio from $17.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Piper Sandler set a $40.00 price target on shares of Climb Bio and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Royal Bank Of Canada initiated coverage on Climb Bio in a report on Monday, August 3rd. They set an "outperform" rating and a $23.00 price target on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Climb Bio in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Climb Bio has an average rating of "Buy" and an average price target of $26.92.

About Climb Bio

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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