Oppenheimer raised the firm’s price target on CymaBay to $26 from $22 and keeps an Outperform rating on the shares. Following the NDA submission of seladelpar for 2L treatment of PBC, the firm looks forward to a potential mid-February acceptance with PDUFA in mid-August assuming priority review. Oppenheimer met with management to discuss key priorities for 2024 and came away encouraged by the potential impact of seladelpar on evolving PBC treatment dynamics.
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