Guggenheim ups CymaBay price target to $28, sees M&A potential

Guggenheim raised the firm’s price target on CymaBay (CBAY) to $28 from $24 and keeps a Buy rating on the shares. FDA acceptance of the seladelpar NDA “could be the impetus for potential M&A activity,” says the firm, which has evaluated potential strategic fits based on the acquirers rare disease and metabolic disease exposure, commercial need, and acquisitiveness. In that context, the firm believes Gilead (GILD), Takeda (TAK) Novo Nordisk (NVO) and GSK (GSK) are “the best fits.” The firm thinks an acquisition price of $37-$55 per share “could be reasonable” based on current Street and Guggenheim estimates, the analyst tells investors.