CymaBay Therapeutics Inc. (CBAY) Sees Large Drop in Short Interest

CymaBay Therapeutics Inc. (NASDAQ:CBAY) saw a large decrease in short interest during the month of May. As of May 31st, there was short interest totalling 545,881 shares, a decrease of 28.7% from the May 15th total of 765,237 shares. Currently, 2.2% of the company’s stock are short sold. Based on an average daily trading volume, of 298,164 shares, the short-interest ratio is currently 1.8 days.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Boxer Capital LLC acquired a new position in shares of CymaBay Therapeutics during the first quarter worth about $3,342,000. J. Goldman & Co LP acquired a new position in shares of CymaBay Therapeutics during the fourth quarter worth about $571,000. Vanguard Group Inc. boosted its position in shares of CymaBay Therapeutics by 55.7% in the first quarter. Vanguard Group Inc. now owns 821,507 shares of the biopharmaceutical company’s stock worth $3,532,000 after buying an additional 293,823 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of CymaBay Therapeutics by 97.6% in the first quarter. Renaissance Technologies LLC now owns 231,949 shares of the biopharmaceutical company’s stock worth $997,000 after buying an additional 114,549 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of CymaBay Therapeutics by 71.4% in the first quarter. Geode Capital Management LLC now owns 168,528 shares of the biopharmaceutical company’s stock worth $724,000 after buying an additional 70,232 shares in the last quarter. Hedge funds and other institutional investors own 36.87% of the company’s stock.

A number of equities analysts have recently commented on CBAY shares. Piper Jaffray Companies increased their price objective on shares of CymaBay Therapeutics from $5.00 to $6.50 and gave the stock an “overweight” rating in a research note on Friday, March 24th. Zacks Investment Research downgraded shares of CymaBay Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday, April 3rd. HC Wainwright restated a “buy” rating and set a $7.00 price objective (up from $6.00) on shares of CymaBay Therapeutics in a research note on Monday, March 27th. Finally, ValuEngine upgraded shares of CymaBay Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. CymaBay Therapeutics presently has a consensus rating of “Buy” and an average price target of $5.25.

CymaBay Therapeutics (CBAY) opened at 4.98 on Friday. The stock’s 50 day moving average is $4.12 and its 200-day moving average is $3.15. CymaBay Therapeutics has a 1-year low of $1.15 and a 1-year high of $5.19. The firm’s market capitalization is $143.18 million.

CymaBay Therapeutics (NASDAQ:CBAY) last issued its quarterly earnings data on Thursday, May 11th. The biopharmaceutical company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.07. The business had revenue of $4.79 million for the quarter. Analysts forecast that CymaBay Therapeutics will post ($0.86) EPS for the current year.

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About CymaBay Therapeutics

CymaBay Therapeutics, Inc is a clinical-stage biopharmaceutical company. The Company is focused on developing therapies to treat metabolic diseases, including serious rare and orphan diseases. The Company’s product candidates include Arhalofenate, MBX-8025 and MBX-2982. Arhalofenate is used to treat gout.

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