CymaBay Therapeutics (NASDAQ:CBAY) Sets New 1-Year High After Analyst Upgrade

CymaBay Therapeutics, Inc. (NASDAQ:CBAY – Get Rating) shares hit a new 52-week high during mid-day trading on Friday after HC Wainwright raised their price target on the stock from $10.00 to $12.00. The company traded as high as $9.72 and last traded at $9.55, with a volume of 288384 shares changing hands. The stock had previously closed at $9.14.

A number of other equities research analysts have also issued reports on the stock. Oppenheimer upped their price objective on shares of CymaBay Therapeutics from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Tuesday, March 7th. Piper Sandler upped their price objective on shares of CymaBay Therapeutics from $12.00 to $19.00 and gave the company an “overweight” rating in a report on Sunday, January 29th. StockNews.com initiated coverage on shares of CymaBay Therapeutics in a report on Thursday. They issued a “hold” rating for the company. Raymond James upped their price objective on shares of CymaBay Therapeutics from $14.00 to $17.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 17th. Finally, SVB Leerink increased their target price on shares of CymaBay Therapeutics from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 8th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $13.50.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC lifted its position in shares of CymaBay Therapeutics by 910.2% during the fourth quarter. Jane Street Group LLC now owns 113,683 shares of the biopharmaceutical company’s stock worth $713,000 after purchasing an additional 102,430 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of CymaBay Therapeutics during the fourth quarter worth about $763,000. Morgan Stanley lifted its position in shares of CymaBay Therapeutics by 25.4% during the fourth quarter. Morgan Stanley now owns 273,079 shares of the biopharmaceutical company’s stock worth $1,712,000 after purchasing an additional 55,377 shares in the last quarter. Man Group plc acquired a new stake in shares of CymaBay Therapeutics during the fourth quarter worth about $147,000. Finally, EAM Global Investors LLC acquired a new stake in shares of CymaBay Therapeutics during the fourth quarter worth about $1,955,000. Hedge funds and other institutional investors own 73.54% of the company’s stock.

CymaBay Therapeutics Price Performance

The firm has a market cap of $812.08 million, a price-to-earnings ratio of -7.67 and a beta of 0.29. The company has a quick ratio of 12.20, a current ratio of 12.20 and a debt-to-equity ratio of 1.43. The company’s 50-day moving average price is $7.97 and its 200-day moving average price is $5.32.

CymaBay Therapeutics (NASDAQ:CBAY – Get Rating) last issued its quarterly earnings results on Thursday, March 16th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.30). During the same quarter last year, the firm posted ($0.34) EPS. On average, equities research analysts forecast that CymaBay Therapeutics, Inc. will post -0.94 EPS for the current year.

About CymaBay Therapeutics

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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 needs. Its products pipeline includes Seladelpar, MBX-2982, CB-0406, and CB-001. The company was founded on October 5, 1988 and is headquartered in Newark, CA.