Oppenheimer Keeps a Buy Rating on CymaBay Therapeutics

By Ryan Adsit

In a report released today, Jay Olson from Oppenheimer maintained a Buy rating on CymaBay Therapeutics (NASDAQ: CBAY), with a price target of $8. The company’s shares closed yesterday at $5.98.

Olson said:

“CBAY shares rallied (+6% vs NBI and S&P500 both flat 7/17/17) on a trifecta of Ph 2 interim results and subsequent regulatory progress. An interim analysis of the Ph 2 seladelpar study in patients with PBC who are refractory or intolerant to UDCA showed: 1) the 5mg and 10mg doses maintained the impressive levels of efficacy previously demonstrated by higher doses; while 2) essentially eliminating concerns about safety or tolerability.”

According to TipRanks.com, Olson is a 4-star analyst with an average return of 13.0% and a 71.7% success rate. Olson covers the Healthcare sector, focusing on stocks such as Eiger Biopharmaceuticals, Intercept Pharma, and Axovant Sciences.

Currently, the analyst consensus on CymaBay Therapeutics is Strong Buy and the average price target is $8.83, representing a 47.7% upside.

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

The company has a one year high of $7.77 and a one year low of $1.15. Currently, CymaBay Therapeutics has an average volume of 524.6K.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.