William Blair initiates CymaBay with 'outperform' on liver disease therapy potential

CymaBay Therapeutics

05/04/2023 16:31

** William Blair starts coverage on drug developer CymaBay
Therapeutics Inc  CBAY.O  with "outperform" rating 
    ** Brokerage sees upside potential to CBAY's experimental
therapy tested in the treatment of a chronic liver disease,
primary biliary cholangitis (PBC)
    ** Says co's drug candidate seladelpar expected to receive
approvals in late 2024 to early 2025 
    ** Sees significant market potential for the therapy;
estimates total addressable market for seladelpar in second-line
PBC to be $4 bln in the U.S., $3.3 bln in Europe and $166 mln in
Japan
    ** PBC is a disease that causes inflammation in small bile
ducts in the liver, eventually leading to liver damage
    ** All 11 brokerages rate the stock "buy" or higher; their
median PT is $13 - Refinitiv 
    ** Stock marginally up; has gained ~37% YTD

 (Reporting by Mariam Sunny)
 ((Mariam.ESunny@thomsonreuters.com;))