CymaBay Therapeutics (CBAY) Received its Third Buy in a Row


After Cantor Fitzgerald and SunTrust Robinson gave CymaBay Therapeutics (NASDAQ: CBAY) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Jay Olson reiterated a Buy rating on CymaBay Therapeutics today and set a price target of $18. The company’s shares opened today at $12.60.

Olson said:

“CBAY reported 4Q18 GAAP EPS of ($0.33) vs. our ($0.34) estimate and ($0.36) consensus. We are encouraged by recent progress and upcoming catalysts including: 1) initiation of Ph3 ENHANCE pivotal study of seladelpar in PBC with enrollment expected to complete by YE19; 2) FDA Breakthrough Therapy Designation (BTD) granted for seladelpar in PBC post-urso; and 3) Ph2b PoC study of seladelpar in NASH (N=181) completed enrollment early with top-line data expected in 2Q19. We view seladelpar as a well-differentiated asset. Further, because we believe that innovative compounds can succeed in the competitve PBC market, we view BTD as additional validation of seladelpar’s profile. CBAY seems sufficiently funded into 2021 with $178.7M in cash at YE18. We reiterate our Outperform rating and $18 PT.”

According to TipRanks.com, Olson has currently no stars on a ranking scale of 0-5 stars, with an average return of -4.7% and a 40.0% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.

CymaBay Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $20.43, representing a 62.1% upside. In a report issued on February 22, Leerink Partners also initiated coverage with a Buy rating on the stock with a $22 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 $5.04 million.

Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is negative on the stock. Last month, Carl Goldfischer, a Director at CBAY sold 11,675 shares for a total of $105,309.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.