CymaBay Therapeutics (NASDAQ:CBAY) Posts Quarterly Earnings Results, Hits Expectations

CymaBay Therapeutics (NASDAQ:CBAY – Get Rating) issued its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.30), Yahoo Finance reports. During the same period in the prior year, the business posted ($0.34) earnings per share.

CymaBay Therapeutics Trading Up 4.9 %

NASDAQ:CBAY traded up $0.45 during mid-day trading on Friday, hitting $9.59. 4,305,087 shares of the stock traded hands, compared to its average volume of 1,715,369. CymaBay Therapeutics has a 52 week low of $1.67 and a 52 week high of $10.05. The stock has a market capitalization of $812.09 million, a price-to-earnings ratio of -7.93 and a beta of 0.29. The firm’s 50 day moving average is $7.97 and its two-hundred day moving average is $5.31. The company has a quick ratio of 12.20, a current ratio of 12.20 and a debt-to-equity ratio of 1.43.

Institutional Trading of CymaBay Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James & Associates boosted its holdings in shares of CymaBay Therapeutics by 26.3% in the 1st quarter. Raymond James & Associates now owns 97,604 shares of the biopharmaceutical company’s stock valued at $304,000 after buying an additional 20,337 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of CymaBay Therapeutics by 8.6% during the first quarter. Bank of New York Mellon Corp now owns 276,766 shares of the biopharmaceutical company’s stock valued at $861,000 after acquiring an additional 21,961 shares in the last quarter. MetLife Investment Management LLC purchased a new position in shares of CymaBay Therapeutics in the 1st quarter valued at approximately $163,000. BlackRock Inc. boosted its stake in CymaBay Therapeutics by 2.7% in the 1st quarter. BlackRock Inc. now owns 5,466,209 shares of the biopharmaceutical company’s stock worth $16,998,000 after purchasing an additional 142,081 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in CymaBay Therapeutics by 18.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 940,806 shares of the biopharmaceutical company’s stock worth $2,926,000 after purchasing an additional 145,965 shares during the last quarter. 73.54% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Oppenheimer boosted their price objective on shares of CymaBay Therapeutics from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 7th. Piper Sandler increased their target price on shares of CymaBay Therapeutics from $12.00 to $19.00 and gave the company an “overweight” rating in a report on Sunday, January 29th. Raymond James lifted their price target on CymaBay Therapeutics from $14.00 to $17.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 17th. StockNews.com assumed coverage on shares of CymaBay Therapeutics in a research note on Thursday. They issued a “hold” rating on the stock. Finally, BTIG Research initiated coverage on CymaBay Therapeutics in a research note on Thursday, March 9th. They set a “buy” rating and a $15.00 price target for the company. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $13.50.

CymaBay Therapeutics Company Profile

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CymaBay Therapeutics, Inc engages in the provision and development of access to therapies for patients with liver and other chronic diseases with high unmet medical needs. Its products pipeline includes Seladelpar, MBX-2982, CB-0406, and CB-001. The company was founded on October 5, 1988 and is headquartered in Newark, CA.