Climb Bio (NASDAQ:CLYM) Stock Price Down 11.1% - Here's Why

Key Points

• Climb Bio shares fell 11.1% to about $9.06, with trading volume 53% below the average session volume. The stock’s market capitalization is approximately $517 million.
• Despite the decline, analysts remain broadly optimistic: the stock has an average “Buy” rating and a consensus price target of $27.64, although Wall Street Zen downgraded it to “Sell.”
• Climb Bio reported a quarterly loss of $0.18 per share, beating estimates for a $0.21 loss. A company director recently sold 100,000 shares, while institutional investors own nearly 70% of outstanding shares.

Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report)'s stock price traded down 11.1% during trading on Monday. The company traded as low as $9.04 and last traded at $9.06. 487,110 shares were traded during mid-day trading, a decline of 53% from the average session volume of 1,038,543 shares. The stock had previously closed at $10.19.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CLYM. Truist Financial upped their price objective on Climb Bio from $17.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. B. Riley Financial reissued a "buy" rating on shares of Climb Bio in a research note on Friday, September 4th. Oppenheimer increased their price target on Climb Bio from $18.00 to $25.00 and gave the company an "outperform" rating in a report on Tuesday, September 8th. Wall Street Zen cut Climb Bio from a "hold" rating to a "sell" rating in a report on Saturday, October 3rd. Finally, Guggenheim restated a "buy" rating on shares of Climb Bio in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $27.64.

Climb Bio Trading Down 11.6%

The company's 50 day moving average price is $13.31 and its 200-day moving average price is $12.15. The company has a market capitalization of $517.36 million, a PE ratio of -11.00 and a beta of -0.04.

Climb Bio (NASDAQ:CLYM - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.18) EPS for the quarter, topping analysts' consensus estimates of ($0.21) by $0.03. As a group, analysts predict that Climb Bio, Inc. will post -0.80 earnings per share for the current year.

Insider Buying and Selling at Climb Bio

In other Climb Bio news, Director Stephen Thomas sold 100,000 shares of Climb Bio stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $13.67, for a total transaction of $1,367,000.00. Following the transaction, the director owned 467,969 shares of the company's stock, valued at $6,397,136.23. The trade was a 17.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CLYM. Legal & General Group Plc acquired a new position in Climb Bio in the second quarter valued at approximately $45,000. Spark Investment Management LLC acquired a new position in shares of Climb Bio in the second quarter valued at $177,000. State of Wyoming acquired a new stake in shares of Climb Bio in the second quarter valued at approximately $187,000. The Manufacturers Life Insurance Company raised its position in Climb Bio by 11.2% during the first quarter. The Manufacturers Life Insurance Company now owns 156,317 shares of the company's stock valued at $1,071,000 after purchasing an additional 15,700 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in Climb Bio during the 2nd quarter worth $335,000. 69.76% of the stock is currently owned by institutional investors and hedge funds.

Climb Bio Company Profile

Climb Bio, Inc NASDAQ: CLYM is a clinical-stage biotechnology company focused on developing therapies for autoimmune diseases. The company is working to create medicines that target B cells, which play a central role in the immune responses associated with many autoimmune disorders.

Climb Bio's lead investigational product, CLYM116, is a fully human anti-CD19 monoclonal antibody designed to selectively deplete B cells. The therapy is being evaluated in clinical development for autoimmune conditions, including primary membranous nephropathy, a kidney disorder in which abnormal immune activity can damage the kidneys.

As a development-stage biotechnology company, Climb Bio's activities are centered on research, clinical trials and the potential commercialization of its pipeline rather than on marketed products.

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