Climb Bio (NASDAQ:CLYM) Trading Down 4.2% – Here’s What Happened

Climb Bio, Inc. (NASDAQ:CLYM)’s stock price fell 4.2% during mid-day trading on Monday . The stock traded as low as $11.39 and last traded at $11.3950. 185,801 shares were traded 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 research analysts recently weighed in on CLYM shares. Royal Bank Of Canada assumed coverage on shares of Climb Bio in a report on Monday. They set an “outperform” rating and a $23.00 price target on the stock. BTIG Research upped their target price on Climb Bio from $19.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, June 11th. Wedbush increased their price target on Climb Bio from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Wall Street Zen raised Climb Bio from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Guggenheim started coverage on Climb Bio in a research report on Monday, June 8th. They set a “buy” rating and a $35.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $22.08.

Climb Bio Stock Down 1.5%

The company has a market cap of $671.18 million, a P/E ratio of -15.05 and a beta of 0.07. The firm’s 50-day moving average price is $12.20 and its 200-day moving average price is $9.02.

Climb Bio (NASDAQ:CLYM) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.06. As a group, analysts forecast that Climb Bio, Inc. will post -0.87 earnings per share for the current year.

Hedge Funds Weigh In On Climb Bio

A number of hedge funds have recently added to or reduced their stakes in CLYM. MPM Bioimpact LLC purchased a new stake in Climb Bio during the 4th quarter valued at $10,686,000. Price T Rowe Associates Inc. MD boosted its position 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 buying 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% during the fourth quarter. ADAR1 Capital Management LLC now owns 1,432,475 shares of the company’s stock valued at $5,730,000 after buying an additional 1,298,945 shares during the last quarter. Sphera Funds Management LTD. increased its holdings in 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 buying an additional 497,410 shares in the last quarter. Finally, Kotler Kevin purchased a new stake in shares of Climb Bio during the 4th quarter valued at about $1,600,000. 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.