Climb Bio (NASDAQ:CLYM) Hits New 12-Month High Following Strong Earnings

Climb Bio, Inc. (NASDAQ:CLYM)’s stock price reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The company traded as high as $14.53 and last traded at $14.36, with a volume of 219409 shares traded. The stock had previously closed at $14.00.

The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.03.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wedbush lifted their target price on Climb Bio from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Mizuho started coverage on shares of Climb Bio in a research report on Wednesday, April 15th. They issued an “outperform” rating and a $18.00 price target for the company. Royal Bank Of Canada initiated coverage on shares of Climb Bio in a research report on Monday. They issued an “outperform” rating and a $23.00 price target for the company. Wall Street Zen raised Climb Bio from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Chardan Capital initiated coverage on Climb Bio in a research report on Tuesday, May 5th. They issued a “buy” rating and a $22.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $22.75.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Peapod Lane Capital LLC increased its stake in Climb Bio by 0.7% in the fourth quarter. Peapod Lane Capital LLC now owns 565,992 shares of the company’s stock valued at $2,264,000 after purchasing an additional 4,126 shares during the last quarter. XTX Topco Ltd grew its position in shares of Climb Bio by 19.4% in the 4th quarter. XTX Topco Ltd now owns 34,852 shares of the company’s stock valued at $139,000 after buying an additional 5,668 shares during the last quarter. Virtu Financial LLC acquired a new stake in Climb Bio during the 4th quarter worth $43,000. Blair William & Co. IL purchased a new stake in Climb Bio in the fourth quarter valued at $44,000. Finally, Hsbc Holdings PLC lifted its holdings in shares of Climb Bio by 107.2% in the 4th quarter. Hsbc Holdings PLC now owns 24,744 shares of the company’s stock valued at $99,000 after purchasing an additional 12,800 shares during the last quarter. Hedge funds and other institutional investors own 69.76% of the company’s stock.

Climb Bio Stock Performance

The business has a 50-day moving average of $12.30 and a 200-day moving average of $9.26. The stock has a market capitalization of $820.25 million, a price-to-earnings ratio of -18.35 and a beta of 0.08.

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.