CymaBay initiated with a Buy at BTIG

BTIG initiated coverage of CymaBay Therapeutics with a Buy rating and $15 price target. The analyst says seladelpar is well positioned to emerge as the preferred PPAR agonist in primary biliary cholangitis. Seladelpar’s superior efficacy and adverse event profile could allow the drug to achieve over three-times Ocaliva’s current sales, the analyst tells investors in a research note. The firm thinks CymaBay continues to trade at a "compelling discount to this blockbuster market opportunity."