Why Did Oppenheimer Upgrade CymaBay Therapeutics’ Stock?
In a report released yesterday, Jay Olson from Oppenheimer upgraded CymaBay Therapeutics (CBAY) to Buy, with a price target of $4.00. The company’s shares closed last Monday at $1.41, close to its 52-week low of $1.29.
According to TipRanks.com, Olson is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -13.0% and a 29.3% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals, ACADIA Pharmaceuticals, and Enanta Pharmaceuticals.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for CymaBay Therapeutics with a $4.00 average 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 $26.28 million. In comparison, last year the company had a GAAP net loss of $19.45 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.