CymaBay initiated with a Buy at UBS

UBS analyst Eliana Merle initiated coverage of CymaBay Therapeutics with a Buy rating and $18 price target. The analyst thinks the company’s Phase 3 RESPONSE study in primary biliary cholangitis will be successful in Q3, the analyst tells investors in a research note. The firm expects “deeper efficacy” with CymaBay’s seladelpar versus competitors, and thinks the drug will show meaningful improvements in pruritus, a key primary biliary cholangitis symptom affecting quality of life.