CymaBay ‘competitive overhang’ now removed, says William Blair

William Blair analyst Andy Hsieh says Genfit (GNFT) and Ipsen’s (IPSEY) top-line results from the Phase III ELATIVE trial of elafibranor in primary biliary cholangitis leave room for CymaBay Therapeutics’ (CBAY) Seladelpar to emerge as best-in-class. The analyst is “encouraged” by the numerically higher rate of cholestasis response for seladelpar versus elafibranor. Furthermore, the firm is optimistic that seladelpar could show a statistically significant reduction in itch. Blair believes a “competitive overhang” on CymaBay shares has now been removed and keeps an Outperform rating on the name.