Climb Bio (NASDAQ:CLYM) Shares Down 8% - Here's Why

Key Points

• Climb Bio shares fell 8% in Thursday’s midday trading, dropping from a previous close of $12.25 to about $11.27; trading volume was 76% below its average. The article does not identify a specific catalyst for the decline.
• The company reported a quarterly loss of $0.18 per share, slightly better than analysts’ forecast of a $0.20 loss. Analysts’ consensus rating is “Buy,” with an average price target of $28.14.
• Director Stephen Thomas sold 100,000 shares at an average price of $13.67, reducing his holdings by 17.61%; insiders collectively own 2.60% of the company.

Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report)'s stock price dropped 8% during mid-day trading on Thursday. The company traded as low as $11.23 and last traded at $11.2650. Approximately 255,008 shares were traded during trading, a decline of 76% from the average daily volume of 1,069,229 shares. The stock had previously closed at $12.25.

Wall Street Analyst Weigh In

CLYM has been the topic of a number of recent research reports. B. Riley Financial reiterated a "buy" rating on shares of Climb Bio in a research note on Friday, September 4th. Wedbush increased their price objective on Climb Bio from $25.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, November 5th. Mizuho raised Climb Bio to a "strong-buy" rating in a report on Wednesday, September 16th. HC Wainwright reissued a "buy" rating on shares of Climb Bio in a report on Monday, October 12th. Finally, Truist Financial boosted their target price on shares of Climb Bio from $17.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Climb Bio currently has an average rating of "Buy" and a consensus target price of $28.14.

Climb Bio Trading Down 10.2%

The business has a 50-day moving average price of $11.75 and a two-hundred day moving average price of $10.57. The stock has a market capitalization of $646.12 million, a P/E ratio of -13.40 and a beta of 0.01.

Climb Bio (NASDAQ:CLYM - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.18) EPS for the quarter, topping analysts' consensus estimates of ($0.20) by $0.02. On average, sell-side analysts forecast that Climb Bio, Inc. will post -0.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Climb Bio

In other news, Director Stephen Thomas sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $13.67, for a total transaction of $1,367,000.00. Following the completion of the sale, the director owned 467,969 shares of the company's stock, valued at approximately $6,397,136.23. This represents a 17.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP acquired a new stake in shares of Climb Bio in the 1st quarter valued at $715,000. BlackRock Inc. bought a new position in shares of Climb Bio in the 2nd quarter valued at $30,708,000. Bank of New York Mellon Corp acquired a new position in shares of Climb Bio during the 2nd quarter worth $1,613,000. Braidwell LP lifted its position in shares of Climb Bio by 102.6% during the 2nd quarter. Braidwell LP now owns 3,099,027 shares of the company's stock worth $40,411,000 after buying an additional 1,569,352 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Climb Bio during the 2nd quarter worth $2,148,000. 69.76% of the stock is owned by institutional investors.

Climb Bio Company Profile

Climb Bio is a clinical-stage biopharmaceutical company developing treatments for autoimmune and inflammatory diseases, with a focus on conditions involving B cells and antibody production. Its lead candidate, budoprutug, is an antibody designed to engage CD19 and FcγRIIb to inhibit B-cell activity. The company is evaluating the candidate in clinical studies for immune-mediated diseases, including immune thrombocytopenia and membranous nephropathy. Climb Bio is also developing CLYM-116, an antibody targeting APRIL, a protein involved in B-cell and antibody activity.

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