Raymond James has upgraded CymaBay Therapeutics (NASDAQ:CBAY) to Strong Buy after today’s harsh market reaction to experimental data released this morning.
The stock is up 4.8% after hours.
Shares closed the day down 45.5% after disappointing data from an experimental therapy for NASH, a fatty liver disease.
That reaction was “overblown,” Raymond James’ Steven Seedhouse says, noting that the drug wasn’t factored into his models, and that he expected the stock to recover when the market considers the probability that other aggregate improvements “could translate into fibrosis/ballooning/inflammation benefit, irrespective of the lack of liver fat signal.”
Sell-siders on average rate CymaBay an Outperform, while Seeking Alpha authors are Bullish on average and its Quant Rating is Neutral.
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