CymaBay price target raised to $26 from $24 at BTIG

BTIG raised the firm’s price target on CymaBay to $26 from $24 and keeps a Buy rating on the shares. The company’s update that the New Drug Application for seladelpar in 2L primary biliary cholangitis, or PBC, has been submitted to the FDA earlier than expected is highly encouraging, especially considering that the FDA recently updated seladelpar’s Breakthrough Therapy Designation to include pruritus in patients without cirrhosis or with compensated cirrhosis, which reinforces the potential for seladelpar to receive a highly differentiated label in PBC, the analyst tells investors in a research note.