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

Climb Bio, Inc. (NASDAQ:CLYM) hit a new 52-week high during mid-day trading 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 trading hands. The stock had previously closed at $14.00.

The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.03.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Guggenheim initiated coverage on Climb Bio in a report on Monday, June 8th. They issued a “buy” rating and a $35.00 target price for the company. Mizuho started coverage on shares of Climb Bio in a research report on Wednesday, April 15th. They set an “outperform” rating and a $18.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $20.00 price objective on shares of Climb Bio in a report on Wednesday, June 24th. Royal Bank Of Canada began coverage on shares of Climb Bio in a research report on Monday. They set an “outperform” rating and a $23.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Climb Bio from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Climb Bio currently has a consensus rating of “Buy” and an average price target of $22.75.

Institutional Trading of Climb Bio

Several institutional investors and hedge funds have recently bought and sold shares of CLYM. Bank of New York Mellon Corp acquired a new position in Climb Bio in the second quarter valued at about $1,613,000. State of Wyoming purchased a new stake in shares of Climb Bio in the 2nd quarter valued at approximately $187,000. Seven Fleet Capital Management LP raised its stake in shares of Climb Bio by 71.0% in the 1st quarter. Seven Fleet Capital Management LP now owns 130,654 shares of the company’s stock valued at $895,000 after acquiring an additional 54,254 shares during the period. Bank of America Corp DE lifted its holdings in shares of Climb Bio by 945.2% in the 1st quarter. Bank of America Corp DE now owns 52,921 shares of the company’s stock worth $363,000 after acquiring an additional 47,858 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Climb Bio by 11.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 156,317 shares of the company’s stock worth $1,071,000 after acquiring an additional 15,700 shares during the last quarter. 69.76% of the stock is currently owned by hedge funds and other institutional investors.

Climb Bio Stock Performance

The stock has a market cap of $820.25 million, a PE ratio of -18.35 and a beta of 0.08. The stock’s 50-day moving average is $12.30 and its two-hundred day moving average is $9.26.

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.