Climb Bio (NASDAQ:CLYM) Stock Price Down 9.1% - Here's Why

Key Points

• Climb Bio shares fell 9.1% to $12.92, with trading volume down 76% from the average. The stock remains below its 50-day moving average of $14.32 but above its 200-day average of $11.50.
• Analysts remain broadly positive, with an average rating of “Buy” and a $26.92 price target; several firms recently raised their targets to between $25 and $32.
• A company director sold 100,000 shares for approximately $1.37 million, reducing his position by 17.6%. Institutional investors and hedge funds own 69.76% of the stock.

Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report)'s stock price was down 9.1% during trading on Wednesday . The stock traded as low as $13.02 and last traded at $12.92. 244,301 shares traded hands during trading, a decline of 76% from the average daily volume of 1,030,748 shares. The stock had previously closed at $14.21.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Oppenheimer raised their price objective on shares of Climb Bio from $18.00 to $25.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 8th. Wedbush reiterated an "outperform" rating and issued a $20.00 price target on shares of Climb Bio in a report on Wednesday, August 19th. BTIG Research lifted their price objective on Climb Bio from $20.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Truist Financial increased their price target 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. Finally, HC Wainwright boosted their target price on shares of Climb Bio from $24.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, September 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Climb Bio presently has an average rating of "Buy" and an average price target of $26.92.

Climb Bio Trading Down 13.7%

The stock's 50 day moving average price is $14.32 and its 200 day moving average price is $11.50. The firm has a market cap of $704.79 million, a PE ratio of -14.74 and a beta of 0.09.

Climb Bio (NASDAQ:CLYM - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.03. Analysts forecast that Climb Bio, Inc. will post -0.78 earnings per share for the current year.

Insider Transactions at Climb Bio

In related news, Director Stephen Thomas sold 100,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the director owned 467,969 shares in the company, valued at $6,397,136.23. The trade was a 17.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Climb Bio

Several large investors have recently added to or reduced their stakes in the business. Braidwell LP lifted its stake in shares of Climb Bio by 102.6% in the 2nd quarter. Braidwell LP now owns 3,099,027 shares of the company's stock worth $40,411,000 after acquiring an additional 1,569,352 shares during the period. BlackRock Inc. purchased a new stake in Climb Bio during the second quarter valued at about $30,708,000. ADAR1 Capital Management LLC purchased a new position in Climb Bio during the 2nd quarter worth approximately $10,727,000. Parkman Healthcare Partners LLC acquired a new stake in Climb Bio during the 2nd quarter worth about $7,348,000. Finally, 683 Capital Management LLC purchased a new position in Climb Bio during the fourth quarter valued at approximately $807,000. 69.76% of the stock is currently owned by institutional investors and hedge funds.

About Climb Bio

Climb Bio, Inc NASDAQ: CLYM is a clinical-stage biotechnology company focused on developing therapies for immune-mediated diseases. The company's research is centered on treatments intended to address conditions in which abnormal B-cell activity contributes to disease.

Climb Bio's lead investigational program, CLYM-001, is a CD19-directed antibody designed to target and deplete B cells. The candidate is being developed for potential use in autoimmune and other immune-mediated disorders.

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