 Six months ago, disturbing liver biopsies suggesting some patients in an FDA Phase 2b study of CymaBay Therapeutics CBAY suffered inflamed and destroyed liver cells forced the company to suspend nonalcoholic steatohepatitis NASH treatment trials of its seladelpar liver treatment drug -- and cost CymaBay stock 75 of its market cap. Six months later, a new study just showed no evidence that seladelpar causes liver damage, giving CymaBay the all-clear to proceed with its trials, and more than doubling the stocks share price on Tuesday.Analysts rushed to hail the results, and as of today, every one of the six analysts tracked by TipRanks, who have voiced an opinion on CymaBay stock in the last two months, rate the stock a buy -- with an average target price of 5.15 on the shares 23 upside from Tuesdays closing price.Some analysts think it could be worth even more than that -- Oppenheimers Jay Olson for example. In a note out Tuesday, Olson explained the importance of the new results:An independent expert panel review of seladelpar has determined unanimously that there is no evidence of seladelpar-induced liver injury. The panel furthermore unanimously recommends that the CymaBay resume developing its drug pending the FDAs analysis of the results, which is not expected until 30 days after CymaBay officially submits its findings in Q3 2020.Olson expects the FDAs response to be positive, leading to the drugs progression to Phase 3 trials in early 2021, and concluding in 2023. Based on this timeline, and his estimate of the chance of the drug ultimately winning FDA approval rising to 35, Olson rates CymaBay stock outperform, and assigns the shares a 6 price target -- up from 4 previously. Based on Olsons recommendation, Oppenheimers price target on CymaBay is now 9 above the consensus target -- but its still far from the most optimistic price being posited. That honor now goes to Stifel Nicolaus, which on Tuesday doubled its price target on the shares. Previously valuing the company at no more than Oppenheimer did 4 a share, Stifel now thinks the stock could be worth 8 within the next 12 months.Why? As analyst Derek Archila explains, you dont even have to accept Oppenheimers 35 probability of success POS to assign an 8 price target to CymaBay shares. 15 POS suffices, even assuming it takes two or more years for seladelpar to win FDA approval, especially given the unequivocal nature of the expert panels endorsement. No clinical or biochemicalserological evidence of drug-induced liver injury, whatsoever, was discovered.Archila furthermore notes that CymaBay has 176 million in cash currently, or about 3 a share. Thus, most of CymaBays current 4-a-share valuation is already backed up by cash. And that cash, says the analyst, at current burn rates should be more than enough to make it through a decision from the FDA -- meaning theres little risk of stock dilution from CymaBay needing to raise more cash to complete its clinical work.Flush with cash and with solid clinical results underlying its new drug, Archila sees CymaBay as a highly favorable stock offering much more reward than risk to investors.To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks Best Stocks to Buy, a newly launched tool that unites all of TipRanks equity insights. 