CymaBay Therapeutics (CBAY) Gets a Buy Rating from Cantor Fitzgerald

Cantor Fitzgerald analyst William Tanner reiterated a Buy rating on CymaBay Therapeutics (CBAYResearch Report) today and set a price target of $17. The company’s shares closed yesterday at $10.91.

Tanner said:

“We reiterate the Overweight rating and adjust our PT to $17 from $16 for CBAY stock. We maintain the belief that seladelpar will become an important therapy to treat primary biliary cholangitis (PBC) and may also possess potential as a component of NASH therapy. Convincing proof of concept for the latter indication would be a major creator of incremental share value, in our opinion, and could significantly heighten interest by companies seeking assets to deploy in the treatment of NASH. As for practically any therapeutic category, we believe investors should be vigilant for the emergence of potentially competing PBC/NASH treatments that could influence perception of the relative value of any development-stage assets.”

According to TipRanks.com, Tanner is a 2-star analyst with an average return of 0.7% and a 43.3% success rate. Tanner covers the Healthcare sector, focusing on stocks such as Supernus Pharmaceuticals, Intra-Cellular Therapies, and Evofem Biosciences Inc.

Currently, the analyst consensus on CymaBay Therapeutics is a Strong Buy with an average price target of $22.50, representing a 106.2% upside. 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 June 30, the company reported a quarterly GAAP net loss of $17.53 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.