Truist Financial Upgrades Climb Bio (NASDAQ:CLYM) to Strong-Buy

Climb Bio (NASDAQ:CLYM) was upgraded by stock analysts at Truist Financial to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts have also recently commented on CLYM. Piper Sandler assumed coverage on Climb Bio in a research note on Friday, February 13th. They set an “overweight” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Climb Bio in a research note on Wednesday, January 21st. Robert W. Baird raised their target price on Climb Bio from $9.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, March 6th. HC Wainwright boosted their price target on shares of Climb Bio from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, March 10th. Finally, Raymond James Financial initiated coverage on shares of Climb Bio in a research report on Tuesday, March 10th. They set a “strong-buy” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $12.33.

Climb Bio Price Performance

NASDAQ CLYM opened at $7.12 on Tuesday. The stock has a market capitalization of $340.12 million, a P/E ratio of -8.00 and a beta of -0.25. The firm’s 50-day moving average is $5.71 and its two-hundred day moving average is $3.60. Climb Bio has a 12 month low of $1.05 and a 12 month high of $8.04.

Climb Bio (NASDAQ:CLYM) last announced its quarterly earnings results on Thursday, March 5th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.06). As a group, analysts anticipate that Climb Bio will post -1.57 EPS for the current year.

Hedge Funds Weigh In On Climb Bio

A number of large investors have recently modified their holdings of the company. MPM Bioimpact LLC bought a new stake in Climb Bio during the 4th quarter worth approximately $10,686,000. Price T Rowe Associates Inc. MD boosted its holdings in Climb Bio by 265.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,923,639 shares of the company’s stock valued at $7,695,000 after purchasing an additional 1,396,722 shares during the period. ADAR1 Capital Management LLC boosted its holdings in Climb Bio by 972.8% in the 4th quarter. ADAR1 Capital Management LLC now owns 1,432,475 shares of the company’s stock valued at $5,730,000 after purchasing an additional 1,298,945 shares during the period. Sphera Funds Management LTD. grew its position in shares of Climb Bio by 114.4% during the 4th quarter. Sphera Funds Management LTD. now owns 932,247 shares of the company’s stock valued at $3,729,000 after purchasing an additional 497,410 shares in the last quarter. Finally, Diadema Partners LP grew its position in shares of Climb Bio by 4.8% during the 2nd quarter. Diadema Partners LP now owns 702,135 shares of the company’s stock valued at $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 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.