BTIG Research Reaffirms Buy Rating for Climb Bio (NASDAQ:CLYM)

Key Points

• BTIG Research reaffirmed its Buy rating on Climb Bio and set a $32 price target, implying 263.22% upside from the stock’s $8.81 price. The analyst consensus remains “Buy,” with an average target of $27.64.
• Climb Bio reported quarterly EPS of -$0.18, beating the consensus estimate of -$0.21; analysts expect a full-year loss of approximately $0.80 per share.
• Institutional investors own 69.76% of the company, while insider ownership is 2.60%; director Stephen Thomas recently sold 100,000 shares for about $1.37 million.

Climb Bio (NASDAQ:CLYM - Get Free Report)'s stock had its "buy" rating restated by research analysts at BTIG Research in a research report issued on Tuesday, Benzinga reports. They presently have a $32.00 price target on the stock. BTIG Research's target price would indicate a potential upside of 263.22% from the stock's current price.

CLYM has been the topic of several other reports. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $34.00 price target on shares of Climb Bio in a report on Monday, October 5th. Guggenheim reaffirmed a "buy" rating on shares of Climb Bio in a report on Monday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Climb Bio in a report on Thursday, October 15th. Truist Financial upped their price target on shares of Climb Bio from $17.00 to $25.00 and gave the company a "buy" rating in a report on Friday, August 7th. Finally, Piper Sandler set a $40.00 price target on shares of Climb Bio and gave the company an "overweight" rating in a report on Thursday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $27.64.

Climb Bio Price Performance

CLYM opened at $8.81 on Tuesday. The stock has a market capitalization of $506.05 million, a PE ratio of -10.61 and a beta of -0.04. The firm's fifty day moving average price is $13.18 and its 200 day moving average price is $10.22. Climb Bio has a 12-month low of $1.63 and a 12-month high of $18.33.

Climb Bio (NASDAQ:CLYM - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.03. On average, equities research analysts forecast that Climb Bio will post -0.80 earnings per share for the current fiscal year.

Insider Activity at Climb Bio

In other Climb Bio news, Director Stephen Thomas sold 100,000 shares of the firm's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $13.67, for a total value of $1,367,000.00. Following the completion of the transaction, the director directly owned 467,969 shares in the company, valued at $6,397,136.23. This trade represents a 17.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CLYM. Spark Investment Management LLC bought a new position in shares of Climb Bio in the second quarter valued at about $177,000. Braidwell LP raised 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 buying an additional 1,569,352 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Climb Bio in the second quarter valued at about $1,262,000. Bank of America Corp DE bought a new position in shares of Climb Bio in the second quarter valued at about $335,000. Finally, ADAR1 Capital Management LLC bought a new position in shares of Climb Bio in the second quarter valued at about $10,727,000. 69.76% of the stock is 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.