Zacks Investment Research upgraded shares of CymaBay Therapeutics (NASDAQ:CBAY) from a hold rating to a buy rating in a report published on Tuesday, Zacks.com reports. The brokerage currently has $3.75 price objective 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. “
Separately, Raymond James upped their target price on CymaBay Therapeutics from $12.00 to $14.00 and gave the stock a strong-buy rating in a report on Thursday, November 11th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of Buy and an average price target of $9.59.
CymaBay Therapeutics (NASDAQ:CBAY) last posted its earnings results on Wednesday, November 10th. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.07). During the same period in the previous year, the firm posted ($0.17) earnings per share. Research analysts anticipate that CymaBay Therapeutics will post -1.13 EPS for the current year.
Several institutional investors have recently bought and sold shares of CBAY. Royal Bank of Canada grew its stake in shares of CymaBay Therapeutics by 39.9% in the 3rd quarter. Royal Bank of Canada now owns 8,606 shares of the biopharmaceutical company’s stock worth $31,000 after buying an additional 2,456 shares during the last quarter. LCM Capital Management Inc purchased a new stake in shares of CymaBay Therapeutics in the 3rd quarter worth approximately $37,000. Citigroup Inc. grew its stake in shares of CymaBay Therapeutics by 54.2% in the 3rd quarter. Citigroup Inc. now owns 12,024 shares of the biopharmaceutical company’s stock worth $44,000 after buying an additional 4,225 shares during the last quarter. Lake Street Financial LLC purchased a new stake in shares of CymaBay Therapeutics in the 3rd quarter worth approximately $47,000. Finally, BNP Paribas Arbitrage SA grew its stake in shares of CymaBay Therapeutics by 99.9% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 13,884 shares of the biopharmaceutical company’s stock worth $51,000 after buying an additional 6,938 shares during the last quarter. Institutional investors own 75.73% of the company’s stock.
About CymaBay Therapeutics
CymaBay Therapeutics, Inc engages in the provision and development of access to therapies for patients with liver and other chronic diseases with high unmet medical need. Its products pipeline include Seladelpar, MBX-2982, CB-0406, and CB-001. The company was founded on October 5, 1988 and is headquartered in Newark, CA.
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