Wedbush Reiterates Outperform Rating for Climb Bio (NASDAQ:CLYM)

Climb Bio (NASDAQ:CLYM)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a research note issued to investors on Friday,Benzinga reports. They presently have a $17.00 price target on the stock. Wedbush’s price target suggests a potential upside of 51.46% from the stock’s previous close.

Several other brokerages also recently issued reports on CLYM. Weiss Ratings restated a “sell (d-)” rating on shares of Climb Bio in a research note on Monday, April 20th. Robert W. Baird set a $21.00 target price on shares of Climb Bio in a research note on Wednesday, May 6th. B. Riley Financial began coverage on shares of Climb Bio in a report on Tuesday, March 24th. They issued a “buy” rating and a $26.00 price target for the company. Chardan Capital started coverage on shares of Climb Bio in a research report on Tuesday, May 5th. They issued a “buy” rating and a $22.00 price target on the stock. Finally, Guggenheim started coverage on shares of Climb Bio in a research report on Monday. They set a “buy” rating and a $35.00 price objective for the company. Three equities 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. According to data from MarketBeat, Climb Bio currently has a consensus rating of “Buy” and an average target price of $21.73.

Climb Bio Price Performance

Shares of NASDAQ CLYM traded up $0.31 during trading hours on Friday, hitting $11.22. 79,340 shares of the company’s stock were exchanged, compared to its average volume of 768,414. The company’s 50-day moving average price is $9.87 and its 200-day moving average price is $6.66. Climb Bio has a 1-year low of $1.16 and a 1-year high of $12.48. The stock has a market capitalization of $642.69 million, a price-to-earnings ratio of -14.33 and a beta of 0.09.

Climb Bio (NASDAQ:CLYM) last released its earnings results on Thursday, May 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.06. On average, research analysts expect that Climb Bio will post -0.87 earnings per share for the current year.

Institutional Investors Weigh In On Climb Bio

Several large investors have recently modified their holdings of CLYM. Jane Street Group LLC acquired a new stake in Climb Bio in the 2nd quarter valued at $184,000. Goldman Sachs Group Inc. acquired a new position in Climb Bio during the first quarter worth $147,000. Hsbc Holdings PLC raised its stake in Climb Bio by 107.2% during the fourth quarter. Hsbc Holdings PLC now owns 24,744 shares of the company’s stock worth $99,000 after acquiring an additional 12,800 shares in the last quarter. Prelude Capital Management LLC bought a new position in shares of Climb Bio during the third quarter valued at $82,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of Climb Bio during the fourth quarter valued at $57,000. 69.76% of the stock is currently owned by institutional investors.

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.