Mar. 5 at 1:20 PM
Wedbush🏁
$CLYM /said, We are initiating coverage of Climb Bio (CLYM) with an Outperform rating and
$12 target.
$AMGN $OTSKY
In biotech, being first doesn't always mean being best and we believe budoprutug and CLYM116 carry differentiated profiles versus standard of care.
Budoprutug's indication lineup differs versus other anti-CD19's like Uplizna; however, we see good rationale for use in disease settings like pMN.
CLYM116 leverages a validated mechanism in IgAN with APRIL and holds potential to improve on both efficacy and dosing interval versus agents like Voyxact.
CLYM also holds a full catalyst calendar: preliminary CLYM116 Phase 1 healthy volunteer data arrives ~mid-2026, with additional budoprutug readouts in 2H26. Cash runway into 2028 enables multiple data cards to turn over.
We model FY33 revenue reaching
$1,038M (budoprutug in pMN/ITP; CLYM116 in IgAN) with our base case target at
$12/sh. We see downside to ~
$3/sh on cash alone, and upside to ~
$20/sh on pipeline execution.
