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

Key Points

• Climb Bio shares fell sharply at the open, dropping from a prior close of $15.05 to $13.96 before trading around $14.13 on heavy volume.
• Despite the decline, analyst sentiment remains positive: the stock has a consensus “Buy” rating and an average price target of $23.08, with recent targets ranging from $23 to $35.
• The clinical-stage biotech exceeded quarterly earnings expectations, reporting a loss of $0.18 per share versus the estimated $0.21 loss. Institutional investors and hedge funds own approximately 69.76% of the company.

Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $15.05, but opened at $13.96. Climb Bio shares last traded at $14.1320, with a volume of 1,581,492 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CLYM. Truist Financial lifted their price target on Climb Bio from $17.00 to $25.00 and gave the company a "buy" rating in a report on Friday, August 7th. Royal Bank Of Canada assumed coverage on Climb Bio in a research report on Monday, August 3rd. They set an "outperform" rating and a $23.00 price objective for the company. HC Wainwright lifted their target price on Climb Bio from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Monday, August 24th. Wall Street Zen raised Climb Bio from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Guggenheim initiated coverage on Climb Bio in a report on Monday, June 8th. They issued a "buy" rating and a $35.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $23.08.

Climb Bio Price Performance

The company has a market capitalization of $812.26 million, a price-to-earnings ratio of -17.06 and a beta of 0.09. The business has a fifty day moving average price of $13.95 and a 200 day moving average price of $10.69.

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 for the quarter, topping the consensus estimate of ($0.21) by $0.03. As a group, sell-side analysts predict that Climb Bio, Inc. will post -0.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Climb Bio

Large investors have recently modified their holdings of the stock. Braidwell LP grew 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 period. MPM Bioimpact LLC acquired a new position in Climb Bio in the fourth quarter valued at approximately $10,686,000. BlackRock Inc. bought a new position in Climb Bio in the second quarter valued at approximately $30,708,000. Price T Rowe Associates Inc. MD boosted its stake in Climb Bio by 265.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,923,639 shares of the company's stock valued at $7,695,000 after acquiring an additional 1,396,722 shares during the last quarter. Finally, ADAR1 Capital Management LLC grew its holdings in Climb Bio by 972.8% during the 4th quarter. ADAR1 Capital Management LLC now owns 1,432,475 shares of the company's stock worth $5,730,000 after acquiring an additional 1,298,945 shares during the period. 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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