BTIG analyst Julian Harrison downgraded CymaBay (CBAY) to Neutral from Buy without a price target following the announcement of its proposed acquisition by Gilead (GILD) for $32.50 per share. The acquisition “makes sense” as the firm sees seladelpar emerging as the preferred PPAR agonist for the treatment of primary biliary cholangitis and is also not aware of any other active PBC programs in Gilead’s pipeline or portfolio of marketed products, the analyst tells investors in a research note.
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