In a report released today, Mayank Mamtani from B.Riley FBR maintained a Hold rating on CymaBay Therapeutics (CBAY), with a price target of $11. The company’s shares closed yesterday at $11.09.
Mamtani noted:
“Therapeutics (CBAY) reported 12-week topline results from an ongoing 52-week Phase 2b dose-ranging, paired liver biopsy study of seladelpar for the treatment of nonalcoholic steatohepatitis (NASH). Street expectations were bullish going into this readout particularly on the relative liver fat reduction endpoint where seladelpar failed to show any drug effect, even disappointing our cautionary outlook as highlighted in our data preview note ( link). Beyond liver fat reduction, improvements observed in other cardiometabolic parameters and liver enzymes suggests sign of activity and is supportive of our view of ultimately seeing long-term benefit on histology endpoint at the 52-week data readout in mid-2020. Maintain Neutral, but we are placing our PT under review.”
According to TipRanks.com, Mamtani is a 1-star analyst with an average return of -6.0% and a 32.7% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Madrigal Pharmaceuticals Inc.
Currently, the analyst consensus on CymaBay Therapeutics is a Strong Buy with an average price target of $18.80.
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Based on CymaBay Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $23.08 million. In comparison, last year the company had a GAAP net loss of $17.01 million.
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CymaBay Therapeutics, Inc. is a clinical stage biopharmaceutical company, focused on developing and providing access to therapies for patients with liver and other chronic diseases with high unmet medical need. Its products include MBX-8025 and Arhalofenate, MBX-8025 aims to treat lipid and liver diseases while Arhalofenate intends to reduce gout flares and serum uric acid. The company was founded on October 5, 1988 and is headquartered in Newark, CA.
