Climb Bio (NASDAQ:CLYM) Stock Price Up 8.2% – Here’s Why

Climb Bio, Inc. (NASDAQ:CLYM) rose 8.2% on Friday . The company traded as high as $15.46 and last traded at $15.9340. 372,810 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 915,440 shares. The stock had previously closed at $14.73.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. HC Wainwright reissued a “buy” rating and set a $20.00 price target on shares of Climb Bio in a research report on Wednesday, June 24th. Chardan Capital initiated coverage on Climb Bio in a report on Tuesday, May 5th. They issued a “buy” rating and a $22.00 price objective for the company. Robert W. Baird set a $21.00 target price on Climb Bio in a research report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Climb Bio in a report on Friday, July 17th. Finally, Wedbush boosted their target price on shares of Climb Bio from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $22.75.

Climb Bio Trading Up 14.9%

The firm has a 50-day moving average of $12.61 and a two-hundred day moving average of $9.60. The firm has a market capitalization of $971.88 million, a P/E ratio of -20.40 and a beta of 0.08.

Climb Bio (NASDAQ:CLYM) last released its earnings results on Thursday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.03. On average, sell-side analysts anticipate that Climb Bio, Inc. will post -0.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Climb Bio

A number of institutional investors have recently added to or reduced their stakes in the stock. Parkman Healthcare Partners LLC bought a new position in Climb Bio in the 2nd quarter valued at approximately $7,348,000. Legal & General Group Plc acquired a new position in shares of Climb Bio during the second quarter worth $45,000. The Manufacturers Life Insurance Company bought a new position in shares of Climb Bio in the 2nd quarter valued at $2,148,000. BlackRock Inc. bought a new position in shares of Climb Bio in the 2nd quarter valued at $30,708,000. Finally, Deutsche Bank AG acquired a new stake in shares of Climb Bio during the 2nd quarter valued at $452,000. 69.76% of the stock is currently owned by institutional investors and hedge funds.

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.