Climb Bio (NASDAQ:CLYM) Shares Down 8.4% – Here’s Why

Climb Bio, Inc. (NASDAQ:CLYM)’s share price dropped 8.4% during mid-day trading on Thursday . The stock traded as low as $12.68 and last traded at $12.70. Approximately 319,440 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 892,641 shares. The stock had previously closed at $13.87.

Analyst Ratings Changes

Several analysts have weighed in on the company. HC Wainwright reissued a “buy” rating and set a $20.00 price objective on shares of Climb Bio in a report on Wednesday, June 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Climb Bio in a research note on Monday, April 20th. Oppenheimer lifted their price target on shares of Climb Bio from $10.00 to $18.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 21st. Wedbush reissued an “outperform” rating and set a $17.00 price target on shares of Climb Bio in a research note on Friday, June 12th. Finally, Guggenheim began coverage on shares of Climb Bio in a report on Monday, June 8th. They issued a “buy” rating and a $35.00 price objective on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Climb Bio presently has a consensus rating of “Buy” and an average target price of $21.73.

Climb Bio Price Performance

The firm has a 50 day simple moving average of $11.82 and a two-hundred day simple moving average of $8.32. The stock has a market cap of $693.45 million, a price-to-earnings ratio of -15.53 and a beta of 0.07.

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

Institutional Investors Weigh In On Climb Bio

Several large investors have recently bought and sold shares of CLYM. Seven Fleet Capital Management LP bought a new position in Climb Bio during the fourth quarter worth about $306,000. ArchPoint Investors bought a new stake in shares of Climb Bio in the fourth quarter worth about $486,000. 683 Capital Management LLC bought a new stake in shares of Climb Bio in the fourth quarter worth about $807,000. Peapod Lane Capital LLC raised its position in shares of Climb Bio by 0.7% during the fourth quarter. Peapod Lane Capital LLC now owns 565,992 shares of the company’s stock worth $2,264,000 after purchasing an additional 4,126 shares during the period. Finally, Dimensional Fund Advisors LP bought a new position in shares of Climb Bio during the 1st quarter valued at about $715,000. 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.