CymaBay Therapeutics Received its Third Buy in a Row

By Carrie Williams

After Oppenheimer and H.C. Wainwright assigned a Buy rating to CymaBay Therapeutics in the last month, the company received another Buy, this time from Piper Jaffray. Analyst Edward Tenthoff reiterated a Buy rating on CymaBay Therapeutics (NASDAQ: CBAY) today and set a price target of $6.50. The company’s shares opened today at $6.90, close to its 52-week high of $7.77.

According to TipRanks.com, Tenthoff is a 3-star analyst with an average return of 3.9% and a 40.9% success rate. Tenthoff covers the Healthcare sector, focusing on stocks such as Achillion Pharmaceuticals, Ionis Pharmaceuticals Inc, and Aevi Genomic Medicine Inc.

Currently, the analyst consensus on CymaBay Therapeutics is Strong Buy and the average price target is $8.83, representing a 28.0% upside.

In a report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $12 price target.

Based on CymaBay Therapeutics’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $4.79 million and GAAP net loss of $5.35 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $6.99 million.

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CymaBay Therapeutics, Inc. is a clinical stage company, which engages in the research and development of biopharmaceutical products. Its candidates 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.