Climb Bio (NASDAQ:CLYM) Shares Down 7.6% – Here’s What Happened

Climb Bio, Inc. (NASDAQ:CLYM) shares dropped 7.6% during mid-day trading on Thursday . The stock traded as low as $11.19 and last traded at $11.05. Approximately 91,209 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 688,202 shares. The stock had previously closed at $11.96.

Analysts Set New Price Targets

CLYM has been the topic of several analyst reports. Mizuho initiated coverage on Climb Bio in a research note on Wednesday, April 15th. They issued an “outperform” rating and a $18.00 target price on the stock. Robert W. Baird set a $21.00 target price on Climb Bio in a research note on Wednesday, May 6th. Piper Sandler initiated coverage on Climb Bio in a research note on Friday, February 13th. They issued an “overweight” rating on the stock. Oppenheimer lifted their target price on Climb Bio from $10.00 to $18.00 and gave the company an “outperform” rating in a research note on Tuesday, April 21st. Finally, BTIG Research lifted their target price on Climb Bio from $8.00 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $20.30.

Climb Bio Price Performance

The firm has a market cap of $627.58 million, a price-to-earnings ratio of -14.05 and a beta of 0.02. The firm has a fifty day simple moving average of $9.12 and a two-hundred day simple moving average of $6.06.

Climb Bio (NASDAQ:CLYM) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.06. Equities analysts anticipate that Climb Bio, Inc. will post -0.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Climb Bio

A number of institutional investors and hedge funds have recently modified their holdings of the company. MPM Bioimpact LLC acquired a new stake in shares of Climb Bio during the fourth quarter worth about $10,686,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Climb Bio by 265.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,923,639 shares of the company’s stock worth $7,695,000 after purchasing an additional 1,396,722 shares during the period. ADAR1 Capital Management LLC lifted its holdings in shares of Climb Bio by 972.8% during the fourth quarter. ADAR1 Capital Management LLC now owns 1,432,475 shares of the company’s stock worth $5,730,000 after purchasing an additional 1,298,945 shares during the period. Sphera Funds Management LTD. lifted its holdings in shares of Climb Bio by 114.4% during the fourth quarter. Sphera Funds Management LTD. now owns 932,247 shares of the company’s stock worth $3,729,000 after purchasing an additional 497,410 shares during the period. Finally, Peapod Lane Capital LLC lifted its holdings in shares of Climb Bio by 0.7% during the fourth quarter. Peapod Lane Capital LLC now owns 565,992 shares of the company’s stock worth $2,264,000 after purchasing an additional 4,126 shares during the period. Institutional investors and hedge funds own 69.76% of the company’s stock.

About Climb Bio

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.