Climb Bio (NASDAQ:CLYM) Shares Down 4.4% - What's Next?

Key Points

• Climb Bio shares fell 4.4% to $14.29 in midday trading, with volume below its average. The stock’s market capitalization is approximately $823 million.
• Analysts remain broadly positive, with an average “Buy” rating and a $26.92 price target. Recent targets range from $20 to $35, implying substantial upside from current levels.
• The company beat quarterly earnings expectations, reporting an adjusted loss of $0.18 per share versus the $0.21 expected. Institutional investors and hedge funds own approximately 69.76% of the stock.

Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report)'s stock price dropped 4.4% during mid-day trading on Friday . The company traded as low as $14.24 and last traded at $14.29. 601,135 shares changed hands during trading, a decline of 40% from the average session volume of 998,953 shares. The stock had previously closed at $14.95.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Guggenheim initiated coverage on shares of Climb Bio in a research report on Monday, June 8th. They issued a "buy" rating and a $35.00 price target for the company. HC Wainwright raised their price objective on Climb Bio from $24.00 to $30.00 and gave the stock a "buy" rating in a research note on Tuesday. B Riley reaffirmed a "buy" rating on shares of Climb Bio in a report on Friday, September 4th. Truist Financial upped their target price on Climb Bio from $17.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Finally, Wedbush reissued an "outperform" rating and set a $20.00 target price on shares of Climb Bio in a report on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $26.92.

Climb Bio Stock Performance

The stock's fifty day moving average price is $14.21 and its two-hundred day moving average price is $11.10. The company has a market cap of $823.12 million, a P/E ratio of -17.27 and a beta of 0.09.

Climb Bio (NASDAQ:CLYM - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.03. On average, equities research analysts forecast that Climb Bio, Inc. will post -0.78 EPS for the current year.

Institutional Investors Weigh In On Climb Bio

Large investors have recently modified their holdings of the company. Legal & General Group Plc bought a new stake in shares of Climb Bio during the 2nd quarter valued at about $45,000. XTX Topco Ltd lifted its stake in Climb Bio by 19.4% in the fourth quarter. XTX Topco Ltd now owns 34,852 shares of the company's stock valued at $139,000 after buying an additional 5,668 shares during the period. California State Teachers Retirement System acquired a new position in Climb Bio in the second quarter valued at approximately $82,000. Virtu Financial LLC bought a new position in shares of Climb Bio during the 4th quarter worth approximately $43,000. Finally, Blair William & Co. IL bought a new position in shares of Climb Bio during the 4th quarter worth approximately $44,000. 69.76% of the stock is currently owned by institutional investors and hedge funds.

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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