CymaBay Therapeutics (NASDAQ:CBAY) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of CymaBay Therapeutics (NASDAQ:CBAY) from a hold rating to a sell rating in a research report sent to investors on Monday morning, Zacks.com reports.

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. “

Several other research analysts also recently weighed in on CBAY. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price target on CymaBay Therapeutics from $9.00 to $10.00 in a research note on Monday, November 30th. BidaskClub upgraded CymaBay Therapeutics from a strong sell rating to a sell rating in a research note on Saturday, January 9th. Cantor Fitzgerald reiterated an overweight rating on shares of CymaBay Therapeutics in a research note on Friday, October 9th. Raymond James raised their target price on CymaBay Therapeutics from $11.00 to $12.00 and gave the stock a strong-buy rating in a research note on Friday, November 6th. Finally, Smith Barney Citigroup raised their target price on CymaBay Therapeutics from $9.00 to $10.00 in a research note on Monday, November 30th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. CymaBay Therapeutics currently has an average rating of Buy and an average target price of $12.18.

Shares of CymaBay Therapeutics stock opened at $6.08 on Monday. CymaBay Therapeutics has a 1 year low of $1.21 and a 1 year high of $9.06. The firm has a market cap of $418.83 million, a PE ratio of -6.47 and a beta of 1.45. The stock has a fifty day moving average price of $6.70 and a 200-day moving average price of $6.38.

CymaBay Therapeutics (NASDAQ:CBAY) last posted its quarterly earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, hitting the consensus estimate of ($0.17). As a group, equities analysts forecast that CymaBay Therapeutics will post -0.71 EPS for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the company. Strs Ohio bought a new stake in shares of CymaBay Therapeutics during the 3rd quarter valued at about $43,000. Russell Investments Group Ltd. bought a new stake in shares of CymaBay Therapeutics during the 2nd quarter valued at about $25,000. Point72 Hong Kong Ltd raised its holdings in shares of CymaBay Therapeutics by 1,070.1% during the 2nd quarter. Point72 Hong Kong Ltd now owns 10,402 shares of the biopharmaceutical company’s stock valued at $36,000 after buying an additional 9,513 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of CymaBay Therapeutics during the 3rd quarter valued at about $77,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of CymaBay Therapeutics during the 2nd quarter valued at about $42,000. Hedge funds and other institutional investors own 84.28% of the company’s stock.

About CymaBay Therapeutics

CymaBay Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on developing and providing therapies to treat liver and other chronic diseases. Its lead product candidate is seladelpar (MBX-8025), a selective agonist of peroxisome proliferator activated receptor delta, which has completed Phase II clinical study for the treatments of primary biliary cholangitis and sclerosing cholangitis, as well as patients with nonalcoholic steatohepatitis.

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