According to Merle, the catalyst for the price target hike was the topline Phase 3 RESPONSE trial data reported on September 7, 2023. The study evaluated the safety and efficacy of seladelpar, a selective, orally active delpar or PPARδ agonist, for the treatment of adult patients with primary biliary cholangitis (PBC). Merle noted that the registration trial successfully achieved the primary and all key secondary endpoints, supporting the advancement of seladelpar to regulatory discussions and filing for regulatory approval with the FDA, the Medicines and Healthcare Products Regulatory Agency (MHRA), and the European Medicines Agency (EMA).
The UBS analyst explained that the study data positions seladelpar as the "best-in-class in PBC" and has the potential to expand the commercial second-line primary biliary cholangitis market to "10-15x larger than the number of patients currently on the only approved 2L therapy." This optimistic outlook led to the increase in the price target.
It's worth noting that 100% of top-rated analysts currently rate CBAY as a Strong Buy or Buy. No analysts see it as a Hold, and no analysts recommend or strongly recommend selling the stock.
Looking at CBAY's performance, the stock price has increased by 35.4% since its last quarterly report on June 30, 2023. Year-over-year, the stock is up by an impressive 328.6%. During this period, CBAY has outpaced the S&P 500, which is up 16.9%.
Eliana Merle, the UBS analyst who raised the price target, is ranked in the top 20% of 4,337 Wall Street analysts by WallStreetZen. With an average return of 7.6% and a 39.4% win rate, Merle specializes in the Healthcare sector.
CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company that focuses on developing and providing therapies for liver and other chronic diseases. Its lead product candidate, seladelpar (MBX-8025), is a selective agonist of peroxisome proliferator-activated receptor delta and is currently in a phase III clinical study for the treatment of primary biliary cholangitis (PBC). The company also develops MBX-2982, which is in phase 2a clinical study for the disease/condition of hypoglycemia in type 1 diabetics. CymaBay Therapeutics, Inc. was formerly known as Metabolex, Inc. and was incorporated in 1988. The company is headquartered in Newark, California.
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