Climb Bio (NASDAQ:CLYM) Shares Climb 6.5% - Still a Buy?

Key Points

• Climb Bio shares rose 6.5% to about $10.36, although trading volume was 93% below the stock’s average daily volume.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and a $27.64 average price target; several firms recently raised their targets to $25.
• The company exceeded quarterly earnings expectations with a loss of $0.18 per share versus the forecasted $0.21 loss, while institutional investors own 69.76% of the stock.

Shares of Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report) traded up 6.5% on Tuesday. The company traded as high as $10.21 and last traded at $10.3640. Approximately 77,227 shares changed hands during trading, a decline of 93% from the average daily volume of 1,040,872 shares. The stock had previously closed at $9.73.

Analysts Set New Price Targets

Several research firms have issued reports on CLYM. Weiss Ratings reiterated a "sell (d-)" rating on shares of Climb Bio in a research note on Thursday. Robert W. Baird raised their target price on shares of Climb Bio from $21.00 to $25.00 and gave the company an "outperform" rating in a research note on Thursday, September 3rd. Oppenheimer raised 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, September 8th. Wedbush restated an "outperform" rating and set a $20.00 target price on shares of Climb Bio in a report on Wednesday, August 19th. Finally, Royal Bank Of Canada began coverage on shares of Climb Bio in a research report on Monday, August 3rd. They set an "outperform" rating and a $23.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $27.64.

Climb Bio Trading Up 9.7%

The firm has a 50-day moving average of $13.65 and a 200 day moving average of $12.04. The stock has a market capitalization of $612.88 million, a price-to-earnings ratio of -12.92 and a beta of -0.04.

Climb Bio (NASDAQ:CLYM - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.18) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.03. As a group, research analysts forecast that Climb Bio, Inc. will post -0.78 EPS for the current year.

Insider Buying and Selling at Climb Bio

In other news, Director Stephen Thomas sold 100,000 shares of the company's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $13.67, for a total value of $1,367,000.00. Following the completion of the transaction, the director directly owned 467,969 shares in the company, valued at approximately $6,397,136.23. This represents a 17.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Climb Bio

A number of large investors have recently added to or reduced their stakes in CLYM. Braidwell LP increased its position in shares of Climb Bio by 102.6% during the second quarter. Braidwell LP now owns 3,099,027 shares of the company's stock worth $40,411,000 after acquiring an additional 1,569,352 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Climb Bio in the second quarter worth about $30,708,000. ADAR1 Capital Management LLC purchased a new position in Climb Bio in the second quarter valued at about $10,727,000. Parkman Healthcare Partners LLC purchased a new position in Climb Bio in the second quarter valued at about $7,348,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Climb Bio in the second quarter valued at about $2,148,000. 69.76% of the stock is owned by institutional investors and hedge funds.

Climb Bio Company Profile

Climb Bio, Inc is a clinical-stage biotechnology company focused on developing novel therapies for patients with immune-mediated diseases, including autoimmune disorders. The company's research is centered on addressing underlying drivers of abnormal immune activity and developing treatments intended to provide durable disease control.

Climb Bio's activities include the discovery, development and clinical evaluation of investigational biologic medicines. Its programs are designed to target pathways involved in B-cell function, autoantibody production and other mechanisms that contribute to autoimmune disease.

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