Piper Sandler reiterated an Overweight rating and $23 price target on Climb Bio (NASDAQ:CLYM).
The stock trades at $9.32 with a $472 million market cap. Analyst consensus is Strong Buy, with targets from $15 to $26.
The firm hosted a nephrologist seeing ~250 IgAN patients annually. The physician noted growing IgAN awareness and improving diagnosis.
The nephrologist discussed APRIL as a de-risked target, with sibeprenlimab's approval validating proteinuria and eGFR benefits.
Significant opportunity exists for long-acting anti-APRIL therapies like CLYM116. Upcoming Phase 1 healthy volunteer data will help contextualize its profile.
Piper Sandler came away bullish on CLYM116 with high probability of success.
Healthy volunteer data could unlock significant value for the company.
In other news, Climb Bio reported Phase 1 results for budoprutug subcutaneous formulation, showing B-cell depletion and good tolerability.
The company raised ~$110 million from institutional investors to support trials.
H.C. Wainwright raised its target to $20, Oppenheimer to $18, and Chardan initiated with Buy and $22 target.
