Climb Bio (NASDAQ:CLYM) Trading 6.7% Higher – Here’s What Happened

Climb Bio, Inc. (NASDAQ:CLYM)’s stock price traded up 6.7% during mid-day trading on Friday . The company traded as high as $13.35 and last traded at $13.42. Approximately 348,917 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 897,481 shares. The stock had previously closed at $12.58.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Robert W. Baird set a $21.00 target price on shares of Climb Bio in a research report on Wednesday, May 6th. Guggenheim assumed coverage on Climb Bio in a report on Monday, June 8th. They issued a “buy” rating and a $35.00 price target for the company. Wedbush restated an “outperform” rating and set a $17.00 price objective on shares of Climb Bio in a report on Friday, June 12th. Chardan Capital began coverage on Climb Bio in a research report on Tuesday, May 5th. They issued a “buy” rating and a $22.00 price objective for the company. Finally, Wall Street Zen upgraded Climb Bio from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $21.73.

Climb Bio Stock Up 6.8%

The business’s fifty day moving average is $11.83 and its 200-day moving average is $8.37. The stock has a market capitalization of $769.00 million, a PE ratio of -17.10 and a beta of 0.07.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC purchased a new stake in Climb Bio during the first quarter valued at about $27,000. Qube Research & Technologies Ltd acquired a new position in shares of Climb Bio in the 2nd quarter valued at about $43,000. Virtu Financial LLC purchased a new stake in shares of Climb Bio during the 4th quarter worth about $43,000. Blair William & Co. IL purchased a new position in Climb Bio in the fourth quarter valued at approximately $44,000. Finally, Marshall Wace LLP acquired a new position in Climb Bio during the second quarter valued at approximately $46,000. Institutional investors and hedge funds own 69.76% of the company’s stock.

Climb Bio Company Profile

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.