Climb Bio (NASDAQ:CLYM) Stock Price Down 4.2% – Here’s Why

Climb Bio, Inc. (NASDAQ:CLYM)’s share price was down 4.2% during mid-day trading on Monday . The company traded as low as $11.39 and last traded at $11.3950. 185,801 shares changed hands during trading, a decline of 79% from the average session volume of 905,180 shares. The stock had previously closed at $11.90.

Wall Street Analyst Weigh In

Several brokerages have commented on CLYM. Weiss Ratings restated a “sell (d-)” rating on shares of Climb Bio in a report on Friday, July 17th. Guggenheim started coverage on shares of Climb Bio in a research note on Monday, June 8th. They set a “buy” rating and a $35.00 target price on the stock. Royal Bank Of Canada assumed coverage on shares of Climb Bio in a research report on Monday. They set an “outperform” rating and a $23.00 price target on the stock. Oppenheimer increased their price target on shares of Climb Bio from $10.00 to $18.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 21st. Finally, HC Wainwright restated a “buy” rating and issued a $20.00 price objective on shares of Climb Bio in a report on Wednesday, June 24th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Climb Bio currently has a consensus rating of “Buy” and a consensus price target of $22.08.

Climb Bio Stock Up 6.4%

The firm has a market cap of $719.19 million, a P/E ratio of -16.10 and a beta of 0.08. The business has a fifty day simple moving average of $12.24 and a 200-day simple moving average of $9.13.

Climb Bio (NASDAQ:CLYM) last announced its earnings results on Thursday, May 7th. The company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.06. On average, sell-side analysts anticipate that Climb Bio, Inc. will post -0.87 EPS for the current fiscal year.

Institutional Investors Weigh In On Climb Bio

Several hedge funds have recently bought and sold shares of the business. MPM Bioimpact LLC purchased a new stake in Climb Bio in the fourth quarter worth about $10,686,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Climb Bio by 265.1% during the fourth 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 last quarter. ADAR1 Capital Management LLC boosted its position in shares of Climb Bio by 972.8% in the 4th quarter. ADAR1 Capital Management LLC now owns 1,432,475 shares of the company’s stock worth $5,730,000 after purchasing an additional 1,298,945 shares in the last quarter. Sphera Funds Management LTD. boosted its position in shares of Climb Bio by 114.4% in the 4th quarter. Sphera Funds Management LTD. now owns 932,247 shares of the company’s stock worth $3,729,000 after purchasing an additional 497,410 shares in the last quarter. Finally, Kotler Kevin purchased a new stake in shares of Climb Bio in the 4th quarter worth approximately $1,600,000. Institutional investors 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.