After H.C. Wainwright and Cantor Fitzgerald gave CymaBay Therapeutics (NASDAQ: CBAY) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Jay Olson maintained a Buy rating on CymaBay Therapeutics yesterday and set a price target of $18. The company’s shares closed yesterday at $9.01.
Olson noted:
“Detailed 52-week results from a Ph2 study of seladelpar in patients with PBC were presented at AASLD. The 52-week data demonstrates continued AP reduction below 1.67ULN with a response rate of 71% on the 10mg dose and AP normalization of 29% (Exhibits 1-4). ALT levels also improved and several markers important in NASH showed improvements (Exhibits 6-7). No new safety signals emerged and we view pruritus incidence as low compared to other PBC trials (Exhibits 8-9). A poster demonstrating a trend in pruritus improvement using VAS score and additional data demonstrating safety in cirrhotic patients (N=10) was presented. CBAY shares were under pressure today partially due to a perceived increase in bilirubin, which we see as clinically insignificant (Exhibit 5).”
According to TipRanks.com, Olson has 0 stars on 0-5 star ranking scale with an average return of -6.7% and a 32.2% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
CymaBay Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $19.33, implying an 114.5% upside from current levels. In a report issued on November 2, H.C. Wainwright also maintained a Buy rating on the stock with a $23 price target.
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Based on CymaBay Therapeutics’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $18.56 million. In comparison, last year the company had a GAAP net loss of $8.23 million.
Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CBAY in relation to earlier this year.
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CymaBay Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in the research and development of biopharmaceutical products. 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.
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