Climb Bio (NASDAQ:CLYM) Shares Climb 10.1% - Time to Buy?

Key Points

• Climb Bio shares rose 10.1% to about $9.70, with trading volume 15% above the average session level.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and a $27.64 price target, although one firm downgraded it to “Sell.”
• The clinical-stage biotech focuses on B-cell-targeting therapies for autoimmune diseases; it exceeded its latest quarterly EPS estimate, but remains unprofitable and an insider recently sold 100,000 shares.

Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report)'s stock price was up 10.1% on Tuesday. The company traded as high as $9.72 and last traded at $9.7030. Approximately 1,209,123 shares traded hands during trading, an increase of 15% from the average session volume of 1,052,006 shares. The stock had previously closed at $8.81.

Analyst Ratings Changes

Several analysts have recently issued reports on CLYM shares. Wedbush reissued an "outperform" rating and set a $20.00 price objective on shares of Climb Bio in a research note on Wednesday, August 19th. BTIG Research reiterated a "buy" rating and issued a $32.00 target price on shares of Climb Bio in a report on Tuesday. Piper Sandler reissued an "overweight" rating on shares of Climb Bio in a research report on Tuesday. Deutsche Bank Aktiengesellschaft started coverage on Climb Bio in a research note on Tuesday, October 20th. They set a "buy" rating and a $28.00 price target for the company. Finally, Wall Street Zen downgraded Climb Bio from a "hold" rating to a "sell" rating in a report on Saturday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $27.64.

Climb Bio Price Performance

The company has a market capitalization of $573.14 million, a PE ratio of -12.02 and a beta of -0.04. The firm has a 50-day simple moving average of $13.18 and a 200 day simple moving average of $10.22.

Climb Bio (NASDAQ:CLYM - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.03. Equities research analysts expect that Climb Bio, Inc. will post -0.80 EPS for the current fiscal year.

Insider Activity at Climb Bio

In other Climb Bio news, Director Stephen Thomas sold 100,000 shares of the 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 sale, the director directly owned 467,969 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Legal & General Group Plc bought a new stake in shares of Climb Bio during the 2nd quarter worth $45,000. Spark Investment Management LLC purchased a new stake in shares of Climb Bio during the second quarter valued at $177,000. State of Wyoming purchased a new stake in shares of Climb Bio during the second quarter valued at $187,000. The Manufacturers Life Insurance Company boosted its position in shares of Climb Bio by 11.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 156,317 shares of the company's stock valued at $1,071,000 after purchasing an additional 15,700 shares during the period. Finally, Bank of America Corp DE acquired a new position in shares of Climb Bio in the 2nd quarter valued at $335,000. 69.76% of the stock is 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 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.

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