Climb Bio (NASDAQ:CLYM) Reaches New 52-Week High – Here’s Why

Climb Bio, Inc. (NASDAQ:CLYM)’s share price hit a new 52-week high on Thursday . The stock traded as high as $14.55 and last traded at $14.39, with a volume of 1318254 shares trading hands. The stock had previously closed at $13.85.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CLYM shares. Wedbush upped their price objective on Climb Bio from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Robert W. Baird set a $21.00 price target on Climb Bio in a report on Wednesday, May 6th. HC Wainwright reissued a “buy” rating and set a $20.00 price target on shares of Climb Bio in a research report on Wednesday, June 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Climb Bio in a research note on Friday, July 17th. Finally, Truist Financial raised their price objective on Climb Bio from $17.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $22.75.

Climb Bio Stock Up 10.9%

The company has a market capitalization of $938.00 million, a price-to-earnings ratio of -19.67 and a beta of 0.08. The stock has a 50 day simple moving average of $12.72 and a 200 day simple moving average of $9.65.

Climb Bio (NASDAQ:CLYM) last announced 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, analysts forecast that Climb Bio, Inc. will post -0.84 EPS for the current year.

Institutional Investors Weigh In On Climb Bio

Several large investors have recently added to or reduced their stakes in CLYM. AQR Capital Management LLC acquired a new position in shares of Climb Bio during the first quarter valued at $27,000. Goldman Sachs Group Inc. bought a new stake in Climb Bio in the 1st quarter valued at about $147,000. Marshall Wace LLP bought a new stake in Climb Bio in the 2nd quarter valued at about $46,000. Qube Research & Technologies Ltd acquired a new position in Climb Bio during the 2nd quarter valued at about $43,000. Finally, Jane Street Group LLC acquired a new position in Climb Bio during the 2nd quarter valued at about $184,000. 69.76% of the stock is owned by institutional investors and hedge funds.

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.