Climb Bio (NASDAQ:CLYM) Trading Down 9.1% – Should You Sell?

Climb Bio, Inc. (NASDAQ:CLYM) shares were down 9.1% during mid-day trading on Wednesday . The stock traded as low as $13.02 and last traded at $12.92. 244,301 shares changed hands during trading, a decline of 76% from the average session volume of 1,030,748 shares. The stock had previously closed at $14.21.

Wall Street Analysts Forecast Growth

CLYM has been the subject of several recent analyst reports. Piper Sandler set a $40.00 target price on Climb Bio and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Royal Bank Of Canada began coverage on Climb Bio in a research report on Monday, August 3rd. They set an “outperform” rating and a $23.00 target price for the company. Oppenheimer upped their price objective on shares of Climb Bio from $18.00 to $25.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 8th. Truist Financial lifted their price target on Climb Bio from $17.00 to $25.00 and gave the company a “buy” rating in a report on Friday, August 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Climb Bio in a research report on Friday, July 17th. 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 currently has an average rating of “Buy” and an average price target of $26.92.

Climb Bio Stock Performance

The stock has a fifty day simple moving average of $14.32 and a 200-day simple moving average of $11.50. The stock has a market cap of $704.79 million, a P/E ratio of -14.74 and a beta of 0.09.

Climb Bio (NASDAQ:CLYM) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.03. On average, research analysts anticipate that Climb Bio, Inc. will post -0.78 earnings per share for the current year.

Insider Buying and Selling at Climb Bio

In other news, Director Stephen Thomas sold 100,000 shares of the company’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 sale, the director owned 467,969 shares in the company, valued at $6,397,136.23. This represents a 17.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Climb Bio

Hedge funds have recently bought and sold shares of the company. Spark Investment Management LLC bought a new position in Climb Bio during the second quarter worth $177,000. Braidwell LP grew its holdings 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 in the last quarter. Wellington Management Group LLP bought a new position in Climb Bio in the 2nd quarter valued at about $1,262,000. Bank of America Corp DE acquired a new position in Climb Bio during the second quarter valued at approximately $335,000. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Climb Bio during the 2nd quarter worth $10,727,000. 69.76% of the stock is currently owned by institutional investors and hedge funds.

Climb Bio Company Profile

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.