Oppenheimer Raises Climb Bio (NASDAQ:CLYM) Price Target to $18.00

Key Points

• Oppenheimer raised its price target on Climb Bio (NASDAQ:CLYM) from $10.00 to $18.00 and maintained an "outperform" rating, implying roughly an 88% upside from the prior close.
• Several other firms initiated or lifted coverage with bullish targets—Raymond James $25 (strong-buy), B. Riley $26 (buy), Truist $17 (buy), and an overall analyst average target of $16.78 and consensus "Buy".
• Shares traded up to $9.56 (market cap ~$456M) after the news, but the company recently missed quarterly EPS estimates (loss of $0.26 vs. -$0.20 expected) and analysts project a negative -1.11 EPS for the year; institutions own about 69.8% of the stock.

Climb Bio (NASDAQ:CLYM - Get Free Report) had its price objective raised by equities researchers at Oppenheimer from $10.00 to $18.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Oppenheimer's price target would indicate a potential upside of 88.38% from the company's previous close.

Several other equities research analysts have also recently commented on the stock. Raymond James Financial started coverage on shares of Climb Bio in a research report on Tuesday, March 10th. They set a "strong-buy" rating and a $25.00 price target for the company. B. Riley Financial assumed coverage on shares of Climb Bio in a research note on Tuesday, March 24th. They set a "buy" rating and a $26.00 price objective on the stock. BTIG Research reissued a "buy" rating and set a $8.00 price objective on shares of Climb Bio in a research note on Wednesday, April 8th. Truist Financial assumed coverage on shares of Climb Bio in a research note on Tuesday, March 17th. They set a "buy" rating and a $17.00 price objective on the stock. Finally, Robert W. Baird lifted their price objective on shares of Climb Bio from $9.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, March 6th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $16.78.

Climb Bio Trading Up 6.5%

Shares of NASDAQ:CLYM traded up $0.59 during trading on Tuesday, hitting $9.56. 179,087 shares of the company's stock were exchanged, compared to its average volume of 610,111. Climb Bio has a 1-year low of $1.13 and a 1-year high of $9.63. The firm has a 50-day moving average price of $6.97 and a two-hundred day moving average price of $4.45. The firm has a market cap of $456.44 million, a P/E ratio of -10.73 and a beta of -0.21.

Climb Bio (NASDAQ:CLYM - Get Free Report) last issued its quarterly earnings results on Thursday, March 5th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.06). As a group, research analysts predict that Climb Bio will post -1.11 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC acquired a new position in shares of Climb Bio in the first quarter valued at approximately $27,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Climb Bio in the third quarter valued at approximately $29,000. Qube Research & Technologies Ltd acquired a new position in shares of Climb Bio in the second quarter valued at approximately $43,000. Virtu Financial LLC acquired a new position in shares of Climb Bio in the fourth quarter valued at approximately $43,000. Finally, Blair William & Co. IL acquired a new position in shares of Climb Bio in the fourth quarter valued at approximately $44,000. Institutional investors own 69.76% of the company's stock.

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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