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CymaBay Therapeutics, Inc. (CBAY) Stock Increasing in Aftermarket Despite no Apparent Reason

 CymaBay Therapeutics, Inc. (CBAY), a clinical-stage biopharmaceutical company, has increased 5.47% in aftermarket trading session and consequently was trading at $4.63 at the time of the writing. There seems to be no apparent reason for this increase in CBAY stock, however, the latest development associated with it is related to the presentation at the investor conference. Furthermore, the announcement to report third-quarter 2021 financial results on 10th November has also positively impacted the performance of the stock. On Friday, CBAY stock closed the day at $4.39 after declining 3.94% during regular trading hours.

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CBAY to Participate in Investor Conferences

On Thursday, CBAY announced that its management would participate in the three investor conferences. They include Credit Suisse 30th Annual Healthcare Conference taking place November 8-11, 2021, the Evercore ISI 4th Annual HealthCONx Conference taking place November 30 – December 2, 2021, and the Piper Sandler 33rd Annual Virtual Healthcare Conference taking place November 30 – December 2, 2021. The management would highlight the recent business performance by the company in the conferences.

Q2 2021 Financial Results

On 12th August, CBAY reported the financial results for the second quarter of the fiscal year 2021. The quarter ended on 30th June 2021. The total operating expenses bore by the company during the period were $23.26 million against $11.15 million for the same period of 2020. The company suffered a loss of $23.26 million from operations against $11.15 million for the same period of 2020. The company suffered a net loss of $23.22 million (or $0.34 per basic and diluted share) against $10.72 million (or $0.16 per basic and diluted share) for the same period of 2020. The company had cash and cash equivalents of $106.13 million on 30th June.

Executive Commentary

Sujal Shah, President and CEO of CBAY, while commenting on the results said that the company is thrilled to have performed exceptionally during the quarter. He said that the company is truly on the path to bringing further improvements in the results in the coming quarters.

Future Outlook for CBAY

During the last three months, CBAY stock has increased more than 10%. The primary reason for this consistent improvement in CBAY stock is the trust-building measures by the company, which are bearing fruits. Estimates suggest that the company is well on track to rise further in near future.

 

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