Climb Bio, Inc. (NASDAQ:CLYM) Sees Significant Drop in Short Interest

Key Points

• Climb Bio, Inc. experienced a significant 27.4% decrease in short interest, dropping from 1,210,000 shares to 879,000 shares as of September 15th, reflecting a short interest of approximately 1.5% of total shares.
• Analyst ratings for Climb Bio show a mix of opinions, with a consensus rating of "Buy" and an average price target of $9.25, while some analysts have upgraded and others maintained a sell rating.
• Institutional investors hold 69.76% of Climb Bio's stock, indicating strong interest from large entities, with significant new investments made during the first and second quarters.

Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totaling 879,000 shares, a decrease of 27.4% from the August 31st total of 1,210,000 shares. Approximately 1.5% of the shares of the stock are sold short. Based on an average daily volume of 535,800 shares, the days-to-cover ratio is presently 1.6 days. Based on an average daily volume of 535,800 shares, the days-to-cover ratio is presently 1.6 days. Approximately 1.5% of the shares of the stock are sold short.

Analyst Ratings Changes

CLYM has been the topic of a number of analyst reports. Wall Street Zen raised shares of Climb Bio from a "sell" rating to a "hold" rating in a research note on Monday. Robert W. Baird initiated coverage on shares of Climb Bio in a research note on Friday, August 15th. They issued an "outperform" rating and a $9.00 price target for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Climb Bio in a report on Saturday, September 27th. BTIG Research upped their target price on shares of Climb Bio from $7.00 to $8.00 and gave the stock a "buy" rating in a report on Tuesday, September 30th. Finally, Baird R W upgraded Climb Bio to a "strong-buy" rating in a report on Friday, August 15th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Climb Bio currently has a consensus rating of "Buy" and an average price target of $9.25.

Institutional Investors Weigh In On Climb Bio

Institutional investors have recently modified their holdings of the stock. RA Capital Management L.P. purchased a new stake in Climb Bio during the 1st quarter valued at $38,332,000. Affinity Asset Advisors LLC bought a new stake in shares of Climb Bio in the first quarter worth $1,830,000. Peapod Lane Capital LLC purchased a new stake in Climb Bio during the first quarter valued at $676,000. Nan Fung Trinity HK Ltd. bought a new position in Climb Bio in the second quarter valued at about $575,000. Finally, Allostery Investments LP bought a new stake in shares of Climb Bio during the 1st quarter valued at about $299,000. 69.76% of the stock is owned by hedge funds and other institutional investors.

Climb Bio Trading Down 8.6%

CLYM opened at $1.81 on Tuesday. The company has a market cap of $122.65 million, a P/E ratio of -2.59 and a beta of -0.07. Climb Bio has a 12 month low of $1.05 and a 12 month high of $5.47. The business's 50-day moving average price is $2.05 and its 200-day moving average price is $1.55.

Climb Bio (NASDAQ:CLYM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.19) by $0.06. Equities research analysts forecast that Climb Bio will post -1.57 earnings per share for the current fiscal year.

About Climb Bio

Climb Bio Inc is a clinical-stage biotechnology company developing therapeutics for patients with immune-mediated diseases. The Company's lead product candidate, budoprutug, is an anti-CD19 monoclonal antibody which has demonstrated B-cell depletion and has potential to treat a broad range of B-cell mediated diseases.

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