CymaBay Therapeutics (NASDAQ:CBAY) Upgraded 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 note issued to investors on Tuesday, Zacks.com reports. Zacks Investment Research 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 raised their price objective on CymaBay Therapeutics from $12.00 to $14.00 and gave the company a strong-buy rating in a research note on Thursday, November 11th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of Buy and a consensus target price of $9.59.

Shares of CymaBay Therapeutics stock opened at $3.15 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 10.18 and a quick ratio of 10.18. CymaBay Therapeutics has a 52 week low of $3.02 and a 52 week high of $6.56. The stock has a 50 day moving average price of $3.58 and a two-hundred day moving average price of $3.84.

CymaBay Therapeutics (NASDAQ:CBAY) last announced its quarterly earnings data on Wednesday, November 10th. The biopharmaceutical company reported ($0.33) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.07). During the same quarter in the previous year, the business earned ($0.17) earnings per share. As a group, sell-side analysts predict that CymaBay Therapeutics will post -1.13 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of CBAY. Commodore Capital LP lifted its holdings in CymaBay Therapeutics by 18.1% during the third quarter. Commodore Capital LP now owns 4,169,896 shares of the biopharmaceutical company’s stock worth $15,220,000 after acquiring an additional 640,431 shares during the period. State Street Corp lifted its holdings in CymaBay Therapeutics by 5.1% during the second quarter. State Street Corp now owns 1,357,224 shares of the biopharmaceutical company’s stock worth $5,917,000 after acquiring an additional 66,378 shares during the period. Morgan Stanley lifted its holdings in CymaBay Therapeutics by 336.5% during the second quarter. Morgan Stanley now owns 507,083 shares of the biopharmaceutical company’s stock worth $2,210,000 after acquiring an additional 390,907 shares during the period. Hudson Bay Capital Management LP lifted its holdings in CymaBay Therapeutics by 26.7% during the third quarter. Hudson Bay Capital Management LP now owns 380,052 shares of the biopharmaceutical company’s stock worth $1,387,000 after acquiring an additional 80,052 shares during the period. Finally, GSA Capital Partners LLP lifted its holdings in CymaBay Therapeutics by 102.2% during the third quarter. GSA Capital Partners LLP now owns 264,224 shares of the biopharmaceutical company’s stock worth $964,000 after acquiring an additional 133,552 shares during the period. Institutional investors own 75.73% of the company’s stock.

CymaBay Therapeutics Company Profile

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.

See Also: Why do companies pay special dividends?

Get a free copy of the Zacks research report on CymaBay Therapeutics (CBAY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for CymaBay Therapeutics (NASDAQ:CBAY)

Receive News & Ratings for CymaBay Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CymaBay Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.