CBAY looks like it is bound for a break out. It has formed a wedge pattern and has tested the resistance line 6 times since August. The target price is $14.50 while the present price is $9.90. This offers a potential 46% reward. Now as it has just reached a resistance line, a break above this line will be considered bullish and hopefully drive this stock up.
As we see in the H4 timeframe, price was forming a cup, and right now is forming the handle.
Since the price already came back from the support, we have good chances it will reach the top of that channel. If we are lucky, it will even break the resistance, and perform a good breakout to the top.
We have had higher highs, and higher lows and even the EMA 200 is...
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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. MBX-8025 is a selective agonist for the peroxisome proliferator-activated receptor delta (PPARd). The Company has completed over five Phase I clinical studies and a Phase II clinical study for MBX-8025. MBX-2982 is an oral, G-protein coupled receptor agonist being evaluated as a therapeutic agent for patients with Type 2 diabetes (T2DM), with a dual mechanism, including direct effects and indirect effects mediated by gastrointestinal hormones known as incretins on glucose-dependent insulin secretion, as well as potentially beneficial effects on islet health. The Company has completed over four Phase I clinical studies and a Phase II clinical study for MBX-2982.
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CBAY
