CBAY - CymaBay Is Clawing Back Now We Just Need Pipeline Conversion

• The FDA lifted all holds on all CymaBay liver disease studies back in July, since, shares have begun clawing back, +319% upside YTD.
• The company has presented positive top-line data from the ENHANCE study for Seladelpar, which shows high conversion potential in a complex chronic disease segment.
• The indicated market is estimated for CAGR of 36.6% to over $700 million by 2026, with 40% direct segment exposure for Selaldapar as a second-line treatment.
• There is strength on the balance sheet, and the runaway on ~$170 million in cash is sufficient to continue the operations strategy beyond 2022 in our view.
• We are bullish on CBAY, and anticipate further upside from more positive trial outcomes, and set a price target of $14 over the coming 12 months.

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