CymaBay price target raised to $20 from $15 at Cantor Fitzgerald

Cantor Fitzgerald analyst Eliana Merle raised the firm's price target on CymaBay to $20 from $15 and reiterates an Overweight rating on the shares. The stock in afternoon trading is up 43%, or $1.52, to $5.06. This morning's primary biliary cholangitis data and the restart of clinical studies increases conviction in the shares, Merle tells investors in a research note. The data show "best-in-class efficacy and safety," says the analyst. Merle thinks these data, coupled with the recent FDA lifting of clinical hold and near-term restart of clinical studies "bode very well" for CymaBay's success in primary biliary cholangitis. The analyst says the company's "comeback story is just beginning."