Shares of CymaBay Therapeutics Inc. /zigman2/quotes/201917619/composite CBAY +2.36% rocketed on in very active morning trading Tuesday, after an upbeat report on results of a study of its treatment of liver disease prompted a wave of upgrades by Wall Street analysts, who are now unanimously bullish on the biopharmaceutical company. The company said late Monday that a panel reviewing a Phase 2b study of seladelpar in patients with nonalcoholic steatohepatitis (NASH) concluded there was no evidence that seladelpar resulted in liver injury, and therefore unanimously supported the lifting of the clinical hold placed on the studies by the Food and Drug Administration. The stock soared 124% toward a 6-month high on volume of 17.5 million shares, which compares with the full-day average of 1.4 million shares. After a number of upgrades, all 8 of the analysts surveyed by FactSet have the equivalent of buy ratings. Stifel Nicolaus's Derek Archila raised his rating to buy from hold and doubled his price target to $8, saying the risk-versus-reward scenario is now "highly favorable" given the panel's findings. Raymond James's Steven Seedhouse lifted his rating to outperform from market perform, saying the seladelpar development is "stunning," while SVB Leerink's Thomas Smith upgraded CymaBay to outperform from market perform and lifted his price target to $6.00 from $2.50. Separately, CymaBay reported late Monday a narrower-than-expected first-quarter loss, according to FactSet. The stock has more than doubled (up 110%) year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.60% has slipped 9.1%.