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

Shares of Climb Bio, Inc. (NASDAQ:CLYM) rose 11.8% 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 traded hands 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 (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.02.

Wall Street Analyst Weigh In

CLYM has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Climb Bio in a research note on Thursday, October 15th. Guggenheim reaffirmed a “buy” rating on shares of Climb Bio in a research report on Monday, October 26th. Mizuho upgraded shares of Climb Bio to a “strong-buy” rating in a research note on Wednesday, September 16th. B. Riley Financial reissued a “buy” rating on shares of Climb Bio in a research report on Friday, September 4th. Finally, Piper Sandler restated an “overweight” rating on shares of Climb Bio in a research note on Tuesday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $28.14.

Insider Buying and Selling at Climb Bio

In other Climb Bio news, Director Stephen Thomas sold 100,000 shares of the business’s stock in a transaction dated 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 sale, the director owned 467,969 shares of the company’s stock, valued at $6,397,136.23. The trade was a 17.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Climb Bio in the 2nd quarter worth approximately $30,708,000. Braidwell LP boosted its position in Climb Bio by 102.6% during the second quarter. Braidwell LP now owns 3,099,027 shares of the company’s stock worth $40,411,000 after purchasing an additional 1,569,352 shares during the period. ADAR1 Capital Management LLC bought a new stake in Climb Bio during the second quarter worth approximately $10,727,000. Parkman Healthcare Partners LLC acquired a new position in Climb Bio during the second quarter valued at approximately $7,348,000. Finally, Jefferies Financial Group Inc. acquired a new position in Climb Bio during the third quarter valued at approximately $3,336,000. 69.76% of the stock is owned by institutional investors.

Climb Bio Price Performance

The company has a market cap of $569.69 million, a price-to-earnings ratio of -11.94 and a beta of 0.01. The firm has a fifty day simple moving average of $12.00 and a 200 day simple moving average of $10.44.

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.