Climb Bio (NASDAQ:CLYM) Sets New 12-Month High on Analyst Upgrade

Shares of Climb Bio, Inc. (NASDAQ:CLYM) reached a new 52-week high during trading on Tuesday after Wedbush raised their price target on the stock from $17.00 to $20.00. Wedbush currently has an outperform rating on the stock. Climb Bio traded as high as $14.42 and last traded at $12.79, with a volume of 1209254 shares changing hands. The stock had previously closed at $12.84.

Other analysts also recently issued research reports about the stock. Robert W. Baird set a $21.00 price target on shares of Climb Bio in a report on Wednesday, May 6th. BTIG Research lifted their price objective on shares of Climb Bio from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, June 11th. Guggenheim initiated coverage on shares of Climb Bio in a research report on Monday, June 8th. They set a “buy” rating and a $35.00 price objective for the company. Oppenheimer upped their target price on Climb Bio from $10.00 to $18.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 21st. Finally, Mizuho started coverage on Climb Bio in a report on Wednesday, April 15th. They issued an “outperform” rating and a $18.00 target price on the stock. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Climb Bio currently has a consensus rating of “Buy” and an average price target of $22.00.

Institutional Investors Weigh In On Climb Bio

A number of hedge funds have recently made changes to their positions in CLYM. AQR Capital Management LLC acquired a new position in Climb Bio during the 1st quarter worth approximately $27,000. Goldman Sachs Group Inc. bought a new position in Climb Bio in the 1st quarter valued at approximately $147,000. Marshall Wace LLP acquired a new stake in Climb Bio in the second quarter valued at approximately $46,000. Qube Research & Technologies Ltd acquired a new stake in Climb Bio in the second quarter valued at approximately $43,000. Finally, Jane Street Group LLC bought a new stake in shares of Climb Bio during the second quarter worth $184,000. 69.76% of the stock is currently owned by institutional investors and hedge funds.

Climb Bio Stock Down 3.9%

The business’s 50 day simple moving average is $12.12 and its two-hundred day simple moving average is $8.86. The stock has a market cap of $703.73 million, a P/E ratio of -15.76 and a beta of 0.07.

Climb Bio (NASDAQ:CLYM) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.06. As a group, research analysts forecast that Climb Bio, Inc. will post -0.87 earnings per share for the current fiscal year.

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.