Wedbush Forecasts Strong Price Appreciation for Climb Bio (NASDAQ:CLYM) Stock

Key Points

• Wedbush raised its price target for Climb Bio to $20 from $17 and maintained an “outperform” rating, implying 55.76% upside from the prior close.
• Analyst sentiment is broadly positive: Climb Bio has an average “Buy” rating and a consensus price target of $22, with targets ranging from $18 to $35.
• CLYM opened at $12.84, while institutional investors and hedge funds own approximately 69.76% of the company. The clinical-stage biotech recently beat quarterly earnings expectations, reporting a loss of $0.20 per share versus the $0.26 consensus loss.

Climb Bio (NASDAQ:CLYM - Get Free Report) had its price objective hoisted by research analysts at Wedbush from $17.00 to $20.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Wedbush's target price would indicate a potential upside of 55.76% from the stock's previous close.

A number of other brokerages have also recently weighed in on CLYM. Mizuho began coverage on Climb Bio in a research note on Wednesday, April 15th. They issued an "outperform" rating and a $18.00 price target on the stock. Oppenheimer raised their price objective on Climb Bio from $10.00 to $18.00 and gave the company an "outperform" rating in a research note on Tuesday, April 21st. Guggenheim started coverage on Climb Bio in a report on Monday, June 8th. They issued a "buy" rating and a $35.00 target price for the company. Wall Street Zen upgraded Climb Bio from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Robert W. Baird set a $21.00 price objective on shares of Climb Bio in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Climb Bio presently has an average rating of "Buy" and an average price target of $22.00.

Climb Bio Price Performance

CLYM opened at $12.84 on Monday. The business has a 50-day moving average of $12.01 and a two-hundred day moving average of $8.74. The stock has a market capitalization of $735.22 million, a price-to-earnings ratio of -16.46 and a beta of 0.07. Climb Bio has a 12 month low of $1.36 and a 12 month high of $14.41.

Climb Bio (NASDAQ:CLYM - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.06. Equities research analysts anticipate that Climb Bio will post -0.87 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CLYM. Seven Fleet Capital Management LP bought a new position in Climb Bio during the 4th quarter worth $306,000. ArchPoint Investors acquired a new position in Climb Bio during the 4th quarter valued at about $486,000. 683 Capital Management LLC bought a new stake in Climb Bio during the 4th quarter worth approximately $807,000. Marshall Wace LLP raised its position in shares of Climb Bio by 32.2% in the fourth quarter. Marshall Wace LLP now owns 304,015 shares of the company's stock valued at $1,216,000 after purchasing an additional 74,126 shares during the period. Finally, TD Asset Management Inc lifted its stake in shares of Climb Bio by 175.4% during the 4th quarter. TD Asset Management Inc now owns 246,200 shares of the company's stock valued at $985,000 after buying an additional 156,800 shares in the last quarter. 69.76% of the stock is owned by institutional investors and hedge funds.

Climb Bio Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.