Climb Bio (NASDAQ:CLYM) Shares Climb 6.5% – Here’s Why

Climb Bio, Inc. (NASDAQ:CLYM) rose 6.5% on Tuesday. The stock traded as high as $10.21 and last traded at $10.3640. 77,227 shares were traded during mid-day trading, a decline of 93% from the average session volume of 1,040,872 shares. The stock had previously closed at $9.73.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CLYM. BTIG Research lifted their price target on Climb Bio from $20.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. HC Wainwright reissued a “buy” rating on shares of Climb Bio in a research note on Monday, October 12th. Piper Sandler set a $40.00 price objective on Climb Bio and gave the stock an “overweight” rating in a research note on Thursday, September 3rd. Deutsche Bank Aktiengesellschaft began coverage on Climb Bio in a report on Tuesday. They issued a “buy” rating and a $28.00 target price on the stock. Finally, Royal Bank Of Canada initiated coverage on Climb Bio in a report on Monday, August 3rd. They issued an “outperform” rating and a $23.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $27.64.

Climb Bio Trading Up 0.6%

The stock has a market capitalization of $624.37 million, a PE ratio of -13.10 and a beta of -0.04. The stock’s fifty day simple moving average is $13.52 and its 200-day simple moving average is $12.09.

Climb Bio (NASDAQ:CLYM) last posted its earnings results on Thursday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.03. As a group, analysts anticipate that Climb Bio, Inc. will post -0.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Stephen Thomas sold 100,000 shares of the business’s stock in a transaction dated 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 transaction, the director directly owned 467,969 shares in the company, valued at approximately $6,397,136.23. The trade was a 17.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Climb Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new position in shares of Climb Bio during the 2nd quarter worth approximately $45,000. Spark Investment Management LLC purchased a new position in shares of Climb Bio in the 2nd quarter worth approximately $177,000. State of Wyoming purchased a new position in shares of Climb Bio in the 2nd quarter worth approximately $187,000. The Manufacturers Life Insurance Company grew its holdings in shares of Climb Bio by 11.2% in the first quarter. The Manufacturers Life Insurance Company now owns 156,317 shares of the company’s stock valued at $1,071,000 after acquiring an additional 15,700 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Climb Bio in the second quarter valued at approximately $335,000. Hedge funds and other institutional investors own 69.76% of the company’s stock.

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.