CymaBay initiated with an Outperform at William Blair

William Blair analyst Andy Hsieh initiated coverage of CymaBay Therapeutics with an Outperform rating and no price target. CymaBay is advancing seladelpar, a selective peroxisome proliferator-acti- vated receptor delta agonist, in primary biliary cholangitis, the analyst tells investors in a research note. The firm views seladelpar as one of the most de-risked late-stage assets in the biopharmaceutical space. It believes CymaBay could capture a material portion of the second-line primary biliary cholangitis market, given that approved therapies "are characterized by inadequate response and/or unfavorable tolerability profiles."