Climb Bio (NASDAQ:CLYM) Stock Price Down 6.1% – Here’s Why

Climb Bio, Inc. (NASDAQ:CLYM)’s stock price fell 6.1% during mid-day trading on Thursday . The company traded as low as $15.35 and last traded at $15.10. 666,332 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 943,474 shares. The stock had previously closed at $16.08.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CLYM shares. Weiss Ratings restated a “sell (d-)” rating on shares of Climb Bio in a research note on Friday, July 17th. Wall Street Zen upgraded Climb Bio from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. HC Wainwright increased their price target on shares of Climb Bio from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Monday. Royal Bank Of Canada started coverage on Climb Bio in a research report on Monday, August 3rd. They issued an “outperform” rating and a $23.00 target price for the company. Finally, Truist Financial upped 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. 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. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $23.08.

Climb Bio Trading Down 3.3%

The stock has a market cap of $836.90 million, a PE ratio of -17.55 and a beta of 0.08. The business has a fifty day simple moving average of $13.82 and a two-hundred day simple moving average of $10.46.

Climb Bio (NASDAQ:CLYM) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.03. On average, research analysts predict that Climb Bio, Inc. will post -0.82 earnings per share for the current year.

Institutional Investors Weigh In On Climb Bio

A number of hedge funds have recently added to or reduced their stakes in CLYM. California State Teachers Retirement System purchased a new position in shares of Climb Bio in the 2nd quarter worth $82,000. Braidwell LP boosted its position in Climb Bio by 102.6% in the second quarter. Braidwell LP now owns 3,099,027 shares of the company’s stock worth $40,411,000 after purchasing an additional 1,569,352 shares during the last quarter. Wellington Management Group LLP purchased a new position in Climb Bio in the second quarter worth about $1,262,000. Bank of America Corp DE bought a new stake in shares of Climb Bio during the 2nd quarter valued at about $335,000. Finally, ADAR1 Capital Management LLC bought a new stake in shares of Climb Bio during the 2nd quarter valued at about $10,727,000. 69.76% of the stock is currently owned by hedge funds and other institutional investors.

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.