Climb Bio (NASDAQ:CLYM) Stock Falls 11.1% – Time to Sell?

Climb Bio, Inc. (NASDAQ:CLYM)’s share price dropped 11.1% on Monday. The company 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 daily volume of 1,038,543 shares. The stock had previously closed at $10.19.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CLYM. Piper Sandler reiterated an “overweight” rating on shares of Climb Bio in a report on Tuesday. BTIG Research reissued a “buy” rating and issued a $32.00 price objective on shares of Climb Bio in a research report on Tuesday. Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of Climb Bio in a research report on Wednesday, August 19th. Truist Financial raised their price objective on Climb Bio from $17.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Finally, HC Wainwright reiterated a “buy” rating on shares of Climb Bio in a research note on Monday, October 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Climb Bio presently has an average rating of “Buy” and a consensus price target of $27.64.

Climb Bio Trading Up 4.3%

The stock’s fifty day moving average is $13.02 and its two-hundred day moving average is $10.25. The firm has a market cap of $573.25 million, a P/E ratio of -11.94 and a beta of -0.04.

Climb Bio (NASDAQ:CLYM) last announced 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. On average, analysts forecast that Climb Bio, Inc. will post -0.80 EPS for the current year.

Insider Activity at Climb Bio

In related news, Director Stephen Thomas sold 100,000 shares of the company’s stock in a transaction 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 completion of the sale, the director 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Climb Bio

Large investors have recently bought and sold shares of the stock. Braidwell LP grew its holdings in shares of Climb Bio by 102.6% in the second quarter. Braidwell LP now owns 3,099,027 shares of the company’s stock valued at $40,411,000 after purchasing an additional 1,569,352 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Climb Bio in the 2nd quarter valued at approximately $30,708,000. ADAR1 Capital Management LLC acquired a new position in shares of Climb Bio in the 2nd quarter worth approximately $10,727,000. Parkman Healthcare Partners LLC acquired a new position in shares of Climb Bio in the 2nd quarter worth approximately $7,348,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Climb Bio during the 2nd quarter worth approximately $2,148,000. 69.76% of the stock is currently owned by institutional investors.

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.