Oppenheimer analyst Jay Olson reiterated a Buy rating on CymaBay Therapeutics (NASDAQ: CBAY) yesterday and set a price target of $20. The company’s shares closed yesterday at $11.64.
Olson said:
“CBAY reported 2Q financial results and provided a business update highlighting steady progress with seladelpar clinical development. A Ph2b study in NASH is underway, and a Ph3 study in PBC is planned to initiate in 2H18. The Ph2b NASH study is currently enrolling up to 175 patients with and histological confirmation of NASH on biopsy at baseline. The primary endpoint is relative change in MRI-PDFF at week 12. The Ph3 PBC study will enroll around 240 patients with a design that is similar to Ph2. In fact, 52-week data from the Ph2 study may be presented at AASLD, thus providing an important de-risking event for Ph3. We update our model and reiterate our Outperform rating.”
According to TipRanks.com, Olson is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -2.7% and a 39.1% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
Currently, the analyst consensus on CymaBay Therapeutics is a Strong Buy with an average price target of $19.75, representing a 69.7% upside. In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $16 price target.
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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 $17.01 million. In comparison, last year the company had a GAAP net loss of $8.93 million.
Based on the recent corporate insider activity of 23 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.
