CBAY - CymaBay price target lowered at H.C. Wainwright on enrollment delay for key study

H.C. Wainwright has trimmed the price target on the clinical-stage biopharma company CymaBay Therapeutics (NASDAQ:CBAY) on Monday, citing a delay in the enrollment for the second global Phase 3 trial for its lead candidate seladelpar in primary biliary cholangitis (PBC). With its 1Q 2022 earnings last week, CymaBay (CBAY) announced that over 150 clinical sites for the registrational trial named RESPONSE were activated across 26 countries, with the full enrollment targeted for 3Q 2022. In March, the company said 120 sites were activated across over 20 countries, and the trial was on track to complete enrollment in 1H 2022. Reaffirming the Buy rating, H.C. Wainwright analyst Ed Arce highlights the progress despite the Omicron-driven restrictions and the impact of Ukraine/ Russia conflict on trial sites. However, citing the regulatory timeline implied by the target for full enrollment, the analyst pushes back the U.S. commercial launch of seladelpar for PBC by nearly

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CymaBay price target lowered at H.C. Wainwright on enrollment delay for key study