CymaBay Therapeutics (CBAY) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of CymaBay Therapeutics (NASDAQ:CBAY) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $11.00 price target on the biopharmaceutical company’s stock.

According to Zacks, “CymaBay Therapeutics Inc. is a biopharmaceutical company. It is focused on the development and commercialization of proprietary new medicines for important human diseases. The Company’s lead product candidate, arhalofenate, is being developed for the treatment of gout. CymaBay Therapeutics Inc. is based in Newark, California. “

Several other research firms have also recently weighed in on CBAY. Oppenheimer set a $20.00 target price on CymaBay Therapeutics and gave the company a buy rating in a research note on Friday, October 5th. BidaskClub raised CymaBay Therapeutics from a strong sell rating to a sell rating in a research note on Tuesday, January 1st. Finally, Cantor Fitzgerald reaffirmed an overweight rating on shares of CymaBay Therapeutics in a research note on Friday, November 23rd. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. CymaBay Therapeutics currently has an average rating of Buy and an average target price of $20.56.

NASDAQ:CBAY traded down $0.11 on Tuesday, hitting $9.64. 10,627 shares of the company’s stock traded hands, compared to its average volume of 606,586. CymaBay Therapeutics has a 1 year low of $6.31 and a 1 year high of $15.59. The stock has a market cap of $581.32 million, a PE ratio of -12.20 and a beta of 1.78.

CymaBay Therapeutics (NASDAQ:CBAY) last released its earnings results on Tuesday, November 6th. The biopharmaceutical company reported ($0.34) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.04). Sell-side analysts forecast that CymaBay Therapeutics will post -1.29 EPS for the current year.

In related news, Director Kurt Von Emster sold 142,381 shares of the business’s stock in a transaction that occurred on Tuesday, December 18th. The stock was sold at an average price of $7.89, for a total value of $1,123,386.09. Following the completion of the sale, the director now owns 90,000 shares of the company’s stock, valued at approximately $710,100. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sujal Shah purchased 5,000 shares of the stock in a transaction that occurred on Monday, October 15th. The stock was purchased at an average cost of $9.90 per share, with a total value of $49,500.00. Following the purchase, the chief executive officer now owns 100,000 shares in the company, valued at approximately $990,000. The disclosure for this purchase can be found here. Insiders own 4.50% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Swiss National Bank bought a new stake in CymaBay Therapeutics during the second quarter worth approximately $1,298,000. Fosun International Ltd bought a new stake in CymaBay Therapeutics during the third quarter worth approximately $5,147,000. Voya Investment Management LLC bought a new stake in CymaBay Therapeutics during the second quarter worth approximately $12,667,000. Rhumbline Advisers bought a new stake in CymaBay Therapeutics during the second quarter worth approximately $742,000. Finally, Millennium Management LLC boosted its position in CymaBay Therapeutics by 0.7% during the second quarter. Millennium Management LLC now owns 1,168,632 shares of the biopharmaceutical company’s stock worth $15,683,000 after purchasing an additional 8,357 shares during the period. 94.57% of the stock is owned by hedge funds and other institutional investors.

CymaBay Therapeutics Company Profile

CymaBay Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on developing and providing therapies to treat liver and other chronic diseases. Its lead product candidate is seladelpar, a selective agonist of peroxisome proliferator-activated receptor delta, which has completed Phase II clinical study for the treatment of primary biliary cholangitis, as well as patients with nonalcoholic steatohepatitis.

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