Climb Bio (NASDAQ:CLYM) Hits New 52-Week High – Time to Buy?

Climb Bio, Inc. (NASDAQ:CLYM)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $12.48 and last traded at $12.18, with a volume of 1431085 shares trading hands. The stock had previously closed at $11.45.

Analysts Set New Price Targets

Several analysts have issued reports on CLYM shares. HC Wainwright upped their price target on shares of Climb Bio from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Oppenheimer lifted their price objective on Climb Bio from $10.00 to $18.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 21st. Truist Financial assumed coverage on Climb Bio in a research note on Tuesday, March 17th. They issued a “buy” rating and a $17.00 target price on the stock. Robert W. Baird set a $21.00 target price on Climb Bio in a report on Wednesday, May 6th. Finally, Guggenheim began coverage on Climb Bio in a research report on Monday, June 8th. They set a “buy” rating and a $35.00 price target for the company. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $21.73.

Climb Bio Price Performance

The stock has a market cap of $697.43 million, a price-to-earnings ratio of -15.62 and a beta of 0.09. The stock’s 50-day moving average is $10.49 and its 200-day moving average is $7.14.

Climb Bio (NASDAQ:CLYM) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.06. Analysts predict that Climb Bio, Inc. will post -0.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Climb Bio

Several large investors have recently added to or reduced their stakes in the business. Seven Fleet Capital Management LP purchased a new stake in Climb Bio in the 4th quarter valued at about $306,000. ArchPoint Investors acquired a new stake in shares of Climb Bio in the fourth quarter worth approximately $486,000. 683 Capital Management LLC acquired a new stake in shares of Climb Bio in the fourth quarter worth approximately $807,000. Peapod Lane Capital LLC grew its holdings 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 period. Finally, The Manufacturers Life Insurance Company increased its position in Climb Bio by 11.2% during the first quarter. The Manufacturers Life Insurance Company now owns 156,317 shares of the company’s stock worth $1,071,000 after purchasing an additional 15,700 shares during the last quarter. 69.76% of the stock is currently owned by hedge funds and other institutional investors.

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.