Climb Bio (NASDAQ:CLYM) Shares Climb 11.8% Following Earnings Beat

Key Points

• Climb Bio shares rose 11.8% after it reported a quarterly loss of $0.18 per share, beating analyst expectations of a $0.20 loss. Trading volume was 82% below its average.
• Analysts hold a consensus “Buy” rating, with an average price target of $28.14; Oppenheimer recently raised its target to $25 from $18.
• Director Stephen Thomas sold 100,000 shares at an average price of $13.67, reducing his stake by 17.61%; insiders collectively own 2.60% of the stock.

Climb Bio, Inc. (NASDAQ:CLYM - Get Free Report) rose 11.8% during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $9.78 and last traded at $9.9180. 192,548 shares were traded during trading, a decline of 82% from the average session volume of 1,060,271 shares. The stock had previously closed at $8.87.

The company reported ($0.18) earnings per share for the quarter, topping analysts' consensus estimates of ($0.20) by $0.02.

Analyst Upgrades and Downgrades

CLYM has been the topic of a number of research reports. B. Riley Financial reissued a "buy" rating on shares of Climb Bio in a report on Friday, September 4th. Piper Sandler reiterated an "overweight" rating on shares of Climb Bio in a research report on Tuesday, October 27th. Raymond James Financial reiterated a "strong-buy" rating on shares of Climb Bio in a report on Thursday. Oppenheimer upped 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. Finally, Royal Bank Of Canada began coverage on Climb Bio in a research note on Monday, August 3rd. They issued an "outperform" rating and a $23.00 price target on the stock. Two 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. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $28.14.

Insider Activity at Climb Bio

In related news, Director Stephen Thomas sold 100,000 shares of the firm's stock in a transaction that occurred on 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 owned 467,969 shares of the company's stock, valued at approximately $6,397,136.23. This trade represents a 17.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company's stock.

Institutional Trading of Climb Bio

Several large investors have recently added to or reduced their stakes in CLYM. State of Wyoming acquired a new stake in shares of Climb Bio during the third quarter worth approximately $31,000. Legal & General Group Plc purchased a new position in Climb Bio during the second quarter valued at approximately $45,000. Spark Investment Management LLC acquired a new position in Climb Bio in the 2nd quarter valued at approximately $177,000. The Manufacturers Life Insurance Company increased its stake in 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 buying an additional 15,700 shares during the period. Finally, Profund Advisors LLC acquired a new position in Climb Bio in the 3rd quarter valued at approximately $190,000. 69.76% of the stock is owned by institutional investors and hedge funds.

Climb Bio Trading Up 11.8%

The company has a market cap of $569.69 million, a PE ratio of -11.94 and a beta of 0.01. The business's 50-day simple moving average is $12.00 and its 200-day simple moving average is $10.44.

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.

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