Oppenheimer analyst Jay Olson maintained a Buy rating on CymaBay Therapeutics (CBAY) yesterday and set a price target of $18. The company’s shares closed on Friday at $8.60, close to its 52-week low of $7.37.
Olson commented:
“As new candidates emerge for PBC, we revisit this orphan indication with ~4 5K patients (US). Most recently, GNFT toplined data from a Ph2 PBC study for elafibranor (PPAR-α/δ agonist) showing a highly significant decrease in mean AP (primary endpoint), which we view as essentially in line with CBAY’s seladelpar in terms of efficacy (Exhibit 1) (small patient numbers). We view the 2L PBC opportunity post urso failure as crowded with Ocaliva (ICPT), and several molecules in development: seladelpar (CBAY), elafibranor (GNFT), EDP-305 (ENTA), bezafibrate and others. ENTA described enrollment in its Ph2 PBC study as increasingly difficult, leading us to believe only first-in-class compounds have a chance in PBC going forward, which we view as an advantage for seladelpar vs. elafibranor.”
According to TipRanks.com, Olson is ranked 0 out of 5 stars with an average return of -11.1% and a 29.3% 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 $19.33.
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The company has a one-year high of $15.59 and a one-year low of $7.37. Currently, CymaBay Therapeutics has an average volume of 553.3K.
Based on the recent corporate insider activity of 19 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.
