Climb Bio (NASDAQ:CLYM) Stock Falls 11.1% – Here’s Why

Climb Bio, Inc. (NASDAQ:CLYM)’s stock price was down 11.1% on Monday. The stock traded as low as $9.04 and last traded at $9.06. 487,110 shares traded hands 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.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Raymond James Financial reissued a “strong-buy” rating and issued a $34.00 price target on shares of Climb Bio in a research report on Monday, October 5th. Guggenheim reissued a “buy” rating on shares of Climb Bio in a report on Monday. 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Climb Bio in a research note on Tuesday, October 20th. They issued a “buy” rating and a $28.00 price target for the company. Finally, B. Riley Financial reissued a “buy” rating on shares of Climb Bio in a report on Friday, September 4th. Two 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $27.64.

Climb Bio Trading Down 11.6%

The business’s 50-day simple moving average is $13.31 and its 200 day simple moving average is $12.15. The firm has a market cap of $517.36 million, a PE ratio of -11.00 and a beta of -0.04.

Climb Bio (NASDAQ:CLYM) last announced its earnings results on Thursday, August 6th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.03. Analysts expect that Climb Bio, Inc. will post -0.80 earnings per share for the current year.

Insider Activity at Climb Bio

In other Climb Bio news, Director Stephen Thomas sold 100,000 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were 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 directly owned 467,969 shares in the company, valued at approximately $6,397,136.23. This represents a 17.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Braidwell LP lifted its position in shares of Climb Bio by 102.6% during the 2nd 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. BlackRock Inc. acquired a new stake in shares of Climb Bio in the 2nd quarter worth $30,708,000. ADAR1 Capital Management LLC purchased a new stake in Climb Bio in the 2nd quarter valued at approximately $10,727,000. Parkman Healthcare Partners LLC purchased a new stake in Climb Bio during the second quarter worth about $7,348,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Climb Bio during the 2nd quarter worth approximately $2,148,000. Hedge funds and other institutional investors own 69.76% of the company’s stock.

About Climb Bio

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.