Climb Bio (NASDAQ:CLYM) Upgraded by Mizuho to Strong-Buy Rating

Key Points

• Mizuho upgraded Climb Bio to “strong buy,” adding to broadly positive analyst coverage. The stock has a consensus “Buy” rating and a $26.92 price target.
• Climb Bio shares opened at $14.06 and were down 0.4%, with a market capitalization of approximately $807.6 million. The company reported quarterly EPS of negative $0.18, beating estimates of negative $0.21.
• Director Stephen Basil Thomas sold 100,000 shares for about $1.37 million, reducing his holdings by 17.61%. Institutional investors own approximately 69.76% of the company.

Climb Bio (NASDAQ:CLYM - Get Free Report) was upgraded by research analysts at Mizuho to a "strong-buy" rating in a report released on Wednesday, Zacks reports.

CLYM has been the topic of a number of other research reports. Royal Bank Of Canada started coverage on shares of Climb Bio in a report on Monday, August 3rd. They issued an "outperform" rating and a $23.00 target price on the stock. Piper Sandler set a $40.00 price target on Climb Bio and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Robert W. Baird boosted their price objective on Climb Bio from $21.00 to $25.00 and gave the stock an "outperform" rating in a report on Thursday, September 3rd. B Riley reissued a "buy" rating on shares of Climb Bio in a research note on Friday, September 4th. Finally, Oppenheimer raised their target price on Climb Bio from $18.00 to $25.00 and gave the company an "outperform" rating in a report on Tuesday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $26.92.

Climb Bio Trading Down 0.4%

NASDAQ CLYM opened at $14.06 on Wednesday. The company has a market cap of $807.55 million, a P/E ratio of -16.94 and a beta of 0.09. The company has a fifty day simple moving average of $14.29 and a 200 day simple moving average of $11.36. Climb Bio has a 12-month low of $1.54 and a 12-month high of $18.33.

Climb Bio (NASDAQ:CLYM - Get Free Report) last released its quarterly earnings data 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. Sell-side analysts predict that Climb Bio will post -0.78 EPS for the current year.

Insider Transactions at Climb Bio

In other Climb Bio news, Director Stephen Basil 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 value of $1,367,000.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Climb Bio

A number of hedge funds have recently made changes to their positions in CLYM. Spark Investment Management LLC bought a new position in Climb Bio during the second quarter valued at about $177,000. Braidwell LP raised its position in Climb Bio by 102.6% in the second quarter. Braidwell LP now owns 3,099,027 shares of the company's stock worth $40,411,000 after acquiring an additional 1,569,352 shares during the period. Wellington Management Group LLP bought a new stake in Climb Bio in the second quarter worth about $1,262,000. Bank of America Corp DE purchased a new position in Climb Bio in the second quarter valued at about $335,000. Finally, ADAR1 Capital Management LLC purchased a new position in Climb Bio in the second quarter valued at about $10,727,000. 69.76% of the stock is currently owned by institutional investors.

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.

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