CymaBay price target raised to $24 from $22 at BTIG

BTIG raised the firm’s price target on CymaBay to $24 from $22 and keeps a Buy rating on the shares. The company’s results from RESPONSE are fortifying seladelpar as the preferred second-line Tx option for primary biliary cholangitis, or PBC, patients, with efficacy on the composite endpoint at 12 months seen as best-in-category, the analyst tells investors in a research note. BTIG adds that it is increasing its probabilities of success assumptions for seladelpar in the initial second-line PBC TAM to 95% and serum alkaline phosphate normalization market opportunity to 70%.