Climb Bio (NASDAQ:CLYM) Stock Price Down 4.4% – Here’s Why

Climb Bio, Inc. (NASDAQ:CLYM) was down 4.4% during mid-day trading on Friday . The stock traded as low as $14.24 and last traded at $14.29. Approximately 601,135 shares traded hands during trading, a decline of 40% from the average session volume of 998,953 shares. The stock had previously closed at $14.95.

Analysts Set New Price Targets

CLYM has been the subject of several research analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Climb Bio in a research note on Wednesday, August 19th. Guggenheim initiated coverage on Climb Bio in a research note on Monday, June 8th. They issued a “buy” rating and a $35.00 target price for the company. Truist Financial boosted their target price on Climb Bio from $17.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, August 7th. B. Riley Financial reaffirmed a “buy” rating and set a $30.00 price target (up from $26.00) on shares of Climb Bio in a research note on Friday, September 4th. Finally, HC Wainwright increased their price target on Climb Bio from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Climb Bio presently has a consensus rating of “Buy” and an average price target of $26.92.

Climb Bio Stock Performance

The stock’s 50 day simple moving average is $14.21 and its 200 day simple moving average is $11.10. The firm has a market cap of $823.12 million, a P/E ratio of -17.27 and a beta of 0.09.

Climb Bio (NASDAQ:CLYM) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.03. As a group, analysts forecast that Climb Bio, Inc. will post -0.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Climb Bio

A number of hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC purchased a new stake in shares of Climb Bio in the first quarter worth approximately $27,000. Virtu Financial LLC purchased a new position in shares of Climb Bio during the fourth quarter valued at approximately $43,000. Qube Research & Technologies Ltd bought a new stake in Climb Bio during the second quarter worth $43,000. Blair William & Co. IL bought a new stake in Climb Bio during the fourth quarter worth $44,000. Finally, Legal & General Group Plc purchased a new stake in Climb Bio in the 2nd quarter valued at $45,000. Institutional investors and hedge funds own 69.76% of the company’s stock.

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.