WallStreetZenWallStreetZen

Cymabay Therapeutics: Promising Phase 3 Trial Data Spurs UBS Analyst to Raise Price Target

By Don Francis, Editor
September 27, 2023 11:38 AM UTC
Cymabay Therapeutics: Promising Phase 3 Trial Data Spurs UBS Analyst to Raise Price Target

UBS's Eliana Merle raised their price target on Cymabay Therapeutics (NASDAQ: CBAY) by 38.9% from $18 to $25 on September 26, 2023. The analyst maintained their Strong Buy rating on the stock.

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.

Get free updates on Cymabay Therapeutics

WallStreetZen tracks the performance of nearly 4,000 Wall Street analysts, whom we rank by average returns, frequency, and win-rate (backtested over multiple years).

Create a free watchlist and be the first to know when top-rated Wall Street analysts revise their CBAY 1 year price target.

Want to get in touch? Email us at news@wallstreetzen.com.

WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.

WallStreetZen does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security.

Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.