Climb Bio (NASDAQ:CLYM) Hits New 52-Week High After Analyst Upgrade

Climb Bio, Inc. (NASDAQ:CLYM) shares reached a new 52-week high during trading on Tuesday after HC Wainwright raised their price target on the stock from $11.00 to $15.00. HC Wainwright currently has a buy rating on the stock. Climb Bio traded as high as $8.04 and last traded at $7.5490, with a volume of 237380 shares. The stock had previously closed at $7.25.

A number of other research analysts also recently issued reports on the stock. Piper Sandler began coverage on shares of Climb Bio in a research report on Friday, February 13th. They set an “overweight” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Climb Bio in a report on Wednesday, January 21st. Wedbush started coverage on Climb Bio in a research note on Thursday, March 5th. They set an “outperform” rating and a $12.00 target price for the company. Finally, Robert W. Baird increased their target price on Climb Bio from $9.00 to $12.00 and gave the company an “outperform” rating in a report on Friday. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.40.

Insiders Place Their Bets

In related news, Director Ra Capital Management, L.P. acquired 213,099 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were purchased at an average price of $2.18 per share, for a total transaction of $464,555.82. Following the purchase, the director owned 3,294,856 shares in the company, valued at $7,182,786.08. This represents a 6.91% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders bought 321,672 shares of company stock valued at $779,626. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLYM. MPM Bioimpact LLC bought a new position in shares of Climb Bio during the fourth quarter worth approximately $10,686,000. Price T Rowe Associates Inc. MD increased its stake in shares of Climb Bio by 265.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,923,639 shares of the company’s stock valued at $7,695,000 after buying an additional 1,396,722 shares during the period. ADAR1 Capital Management LLC raised its position in Climb Bio by 972.8% during the 4th quarter. ADAR1 Capital Management LLC now owns 1,432,475 shares of the company’s stock worth $5,730,000 after purchasing an additional 1,298,945 shares during the last quarter. Sphera Funds Management LTD. increased its position in shares of Climb Bio by 114.4% during the fourth quarter. Sphera Funds Management LTD. now owns 932,247 shares of the company’s stock worth $3,729,000 after buying an additional 497,410 shares during the period. Finally, Diadema Partners LP increased its holdings in Climb Bio by 4.8% in the second quarter. Diadema Partners LP now owns 702,135 shares of the company’s stock worth $871,000 after purchasing an additional 32,332 shares in the last quarter. 69.76% of the stock is currently owned by institutional investors.

Climb Bio Stock Performance

The company has a 50 day moving average price of $5.25 and a 200 day moving average price of $3.37. The company has a market capitalization of $512.44 million, a price-to-earnings ratio of -8.52 and a beta of -0.26.

Climb Bio (NASDAQ:CLYM) last released its earnings results on Thursday, March 5th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.06). Research analysts forecast that Climb Bio, Inc. will post -1.57 EPS for the current 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.