Climb Bio (NASDAQ:CLYM) Trading Down 8.4% - What's Next?

Key Points

• Climb Bio shares fell 8.4% on Thursday, trading as low as $12.68 after closing at $13.87 the prior day, with volume well below average at 319,440 shares.
• Wall Street remains broadly bullish on the stock: recent analyst coverage includes multiple Buy/Outperform ratings, and MarketBeat shows a consensus price target of $21.73.
• Climb Bio reported a narrower-than-expected loss in its last earnings release, posting ($0.20) EPS versus the expected ($0.26), while institutional ownership remains high at 69.76%.

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

Analysts Set New Price Targets

CLYM has been the topic of several recent analyst reports. Wedbush reaffirmed an "outperform" rating and issued a $17.00 price target on shares of Climb Bio in a research note on Friday, June 12th. Guggenheim initiated coverage on Climb Bio in a report on Monday, June 8th. They set a "buy" rating and a $35.00 price objective for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Climb Bio in a research note on Monday, April 20th. Oppenheimer increased their target price 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. Finally, Chardan Capital assumed coverage on shares of Climb Bio in a research report on Tuesday, May 5th. They set a "buy" rating and a $22.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $21.73.

Climb Bio Stock Performance

The company has a 50-day simple moving average of $11.82 and a 200-day simple moving average of $8.32. The stock has a market cap of $693.45 million, a P/E ratio of -15.53 and a beta of 0.07.

Climb Bio (NASDAQ:CLYM - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.06. As a group, 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 hedge funds and other institutional investors have recently added to or reduced their stakes in CLYM. MPM Bioimpact LLC bought a new position in Climb Bio in the 4th quarter worth approximately $10,686,000. Price T Rowe Associates Inc. MD lifted its holdings in Climb Bio by 265.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,923,639 shares of the company's stock worth $7,695,000 after buying an additional 1,396,722 shares in the last quarter. ADAR1 Capital Management LLC boosted its position in Climb Bio by 972.8% in the 4th 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. boosted its position in Climb Bio by 114.4% in the 4th quarter. Sphera Funds Management LTD. now owns 932,247 shares of the company's stock valued at $3,729,000 after buying an additional 497,410 shares during the last quarter. Finally, Kotler Kevin acquired a new stake in shares of Climb Bio in the 4th quarter valued at $1,600,000. 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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