CymaBay Completed Enrollment In Phase 2b Study; Roth Capital Maintains Buy
In a research report issued today, Roth Capital analyst Ed Arce maintained a Buy rating on CymaBay Therapeutics (NASDAQ:CBAY) with a $14 price target, as the company has completed enrollment in its Phase 2b study of lead drug arhalofenate in patients with gout.
Arce said, “We are encouraged that this announcement comes ahead of schedule (expected by YE14) and over-enrolled (target of 225 patients). In addition, an independent Data Monitoring Committee (DMC) reviewed interim safety data earlier this month and recommended the study continue as planned. We expect positive top-line results, expected in 2Q15.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ed Arce has a total average return of 8.6% and a 24.1% success rate. Arce is ranked #948 out of 3309 analysts.