CymaBay Therapeutic (CBAY) PT Lowered to $15 at Evercore ISI, Following Pharma Study Setback

Evercore ISI analyst Josh Schimmer lowered the price target on CymaBay Therapeutic (NASDAQ: CBAY) to $15.00 (from $28.00) while maintaining a Outperform rating.

As a reminder, CBAY trades down about -50% today after reporting topline 12-week data from an ongoing phase 2b study of Seladelpar in patients with Nonalcoholic Steatohepatitis.

Highlights of the study report, released before the market opened:

• Reductions in liver fat were minimal and not significant compared to placebo
• Reductions in markers of liver injury were robust and clinically meaningful
• Seladelpar appears to be safe and well-tolerated across all doses
• Blinded study will continue to 52-week liver biopsy

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