UBS analyst Eliana Merle raised the firm’s price target on CymaBay to $25 from $18 and keeps a Buy rating on the shares following topline Phase 3 RESPONSE trial data reported earlier this month. The firm thinks the data position seladelpar as “best-in-class in PBC” and sees potential for seladelpar to expand the commercial second-line primary biliary cholangitis, or PBC, market to “10-15x larger than the number of patients currently on the only approved 2L therapy,” the analyst tells investors.
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