BTIG raises Climb Bio stock price target to $32 on phase 1 data
BTIG has increased its price target for Climb Bio (CLYM) stock to $32, up from $20, as it maintained a Buy rating. The firm highlighted positive Phase 1 results for CLYM116, the drug candidate for IgA nephropathy. CLYM116 is being developed to be administered every 12 weeks and has shown potential in reducing IgA by around 55% at 12 weeks with a 320mg dose.
The drug demonstrated rapid and sustained suppression of APRIL, with over 90% suppression through 10 weeks and more than 75% maintained through 12 weeks. BTIG estimates the IgAN commercial opportunity for CLYM116 to be over $20 billion in the U.S. alone, with approximately 200,000 potential patients. The company expects NAVIGATE-2 Phase 2 data in the first half of 2027 and a Phase 3 registrational study to begin in 2027.
BTIG also raised its probability of success for CLYM116 to 70% from 65% and adjusted its modeled price for the drug to match the annual gross price of its competing therapy, VOYXACT, which has an annualized gross price of $390,000. Investors can access 10 additional InvestingPro Tips for a deeper understanding of CLYM.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
