CymaBay Therapeutic (CBAY) PT Raised to $22 at Oppenheimer

Oppenheimer analyst Jay Olson raised the price target on CymaBay Therapeutic (NASDAQ: CBAY) to $22.00 (from $19.00) while maintaining a Outperform rating.

The analyst comments "Seladelpar is the first PBC therapy to demonstrate ALP normalization and pruritus improvement in a pivotal Ph3 clinical trial. RESPONSE achieved the primary composite endpoint for ALP and bilirubin, and key secondary endpoints. We believe these results redefine efficacy and treatment objectives for caregivers and patients suffering from PBC by delivering important clinical benefits that drive valuable long-term outcomes and should unlock substantial commercial opportunities. RESPONSE should support regulatory filings for seladelpar in 2L treatment of PBC across multiple geographies including the US, the UK, the EU, and others. Longer-term, the Ph3 IDEAL study of seladelpar in PBC patients with 1

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