Climb Bio (NASDAQ:CLYM) Stock Price Down 4.2% - Here's What Happened

Key Points

• Climb Bio shares fell 4.2% to about $11.40, with trading volume down 79% from the average session.
• Analysts remain broadly optimistic: the stock has a consensus “Buy” rating and an average price target of $22.08, compared with its current price.
• The company reported a quarterly loss of $0.20 per share, beating estimates for a $0.26 loss, while institutional investors and hedge funds own approximately 69.76% of the stock.

Shares of Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report) fell 4.2% on Monday . The company traded as low as $11.39 and last traded at $11.3950. 185,801 shares traded hands during trading, a decline of 79% from the average session volume of 905,180 shares. The stock had previously closed at $11.90.

Analysts Set New Price Targets

CLYM has been the topic of several recent research reports. Guggenheim assumed coverage on Climb Bio in a report on Monday, June 8th. They issued a "buy" rating and a $35.00 price target on the stock. Wedbush boosted their price objective on Climb Bio from $17.00 to $20.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Robert W. Baird set a $21.00 target price on shares of Climb Bio in a research report on Wednesday, May 6th. Wall Street Zen raised shares of Climb Bio from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Chardan Capital initiated coverage on shares of Climb Bio in a research report on Tuesday, May 5th. They set a "buy" rating and a $22.00 price target for the company. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $22.08.

Climb Bio Price Performance

The stock has a market cap of $671.18 million, a price-to-earnings ratio of -15.05 and a beta of 0.07. The firm has a 50 day simple moving average of $12.20 and a two-hundred day simple moving average of $9.02.

Climb Bio (NASDAQ:CLYM - Get Free Report) last announced its quarterly 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 expect that Climb Bio, Inc. will post -0.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Climb Bio

Several institutional investors and hedge funds have recently made changes to their positions in 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 position in shares of Climb Bio during the 4th quarter valued at about $486,000. 683 Capital Management LLC acquired a new position in shares of Climb Bio in the 4th quarter valued at approximately $807,000. State Street Corp boosted its holdings in Climb Bio by 25.0% during the fourth quarter. State Street Corp now owns 128,900 shares of the company's stock worth $516,000 after purchasing an additional 25,800 shares during the last quarter. Finally, Squadron Capital Management LLC acquired a new position in shares of Climb Bio during the 4th quarter worth $400,000. Institutional investors and hedge funds 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.

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