Climb Bio initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Climb Bio (CLYM) with an Outperform rating and $10 price target The company’s lead candidate IV budoprutug drives Oppenheimer’s enthusiasm as this “prospective best-in-class” anti-CD19 antibody advances for several poorly-met autoimmune conditions, the analyst tells investors in a research note. The firm says an encouraging efficacy signal in patients with primary membranous nephropathy makes it optimistic for a soon-to-begin Phase 2, and initial trials in immune thrombocytopenia and lupus should begin imminently. Opco sees $1B-plus sales potential across these indications.