Traders Purchase High Volume of Unicycive Therapeutics Call Options (NASDAQ:UNCY)

Unicycive Therapeutics, Inc. (NASDAQ:UNCY) saw unusually large options trading activity on Tuesday. Stock traders bought 2,298 call options on the stock. This represents an increase of approximately 300% compared to the average daily volume of 575 call options.

Unicycive Therapeutics Stock Down 39.1%

NASDAQ:UNCY opened at $4.69 on Wednesday. Unicycive Therapeutics has a fifty-two week low of $3.71 and a fifty-two week high of $8.74. The stock has a market cap of $128.46 million, a PE ratio of -2.12 and a beta of 1.73. The firm’s fifty day simple moving average is $7.50 and its 200-day simple moving average is $6.82.

Unicycive Therapeutics (NASDAQ:UNCY) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.08). Equities analysts anticipate that Unicycive Therapeutics will post -0.32 earnings per share for the current year.

Institutional Investors Weigh In On Unicycive Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of UNCY. State Street Corp grew its holdings in shares of Unicycive Therapeutics by 19.0% in the 4th quarter. State Street Corp now owns 65,227 shares of the company’s stock worth $376,000 after acquiring an additional 10,400 shares during the period. Lazard Asset Management LLC purchased a new stake in Unicycive Therapeutics during the second quarter worth $55,000. JPMorgan Chase & Co. boosted its position in Unicycive Therapeutics by 11,698.4% during the second quarter. JPMorgan Chase & Co. now owns 21,709 shares of the company’s stock worth $104,000 after purchasing an additional 21,525 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Unicycive Therapeutics in the first quarter valued at $161,000. Finally, Bank of America Corp DE grew its holdings in Unicycive Therapeutics by 19,327.6% in the first quarter. Bank of America Corp DE now owns 29,530 shares of the company’s stock valued at $194,000 after purchasing an additional 29,378 shares during the last quarter. 40.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

UNCY has been the subject of several analyst reports. HC Wainwright cut their price target on shares of Unicycive Therapeutics from $22.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday. Guggenheim reaffirmed a “buy” rating and issued a $37.00 price objective (down from $40.00) on shares of Unicycive Therapeutics in a report on Wednesday, May 13th. Weiss Ratings upgraded Unicycive Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 9th. Wall Street Zen downgraded Unicycive Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, B. Riley Financial reissued a “buy” rating and set a $22.00 target price on shares of Unicycive Therapeutics in a research note on Tuesday. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Unicycive Therapeutics News Roundup

Here are the key news stories impacting Unicycive Therapeutics this week:

• Negative Sentiment: The FDA declined to approve OLC because of unresolved third-party manufacturing deficiencies, and it said the inspection of the outside manufacturing facility did not occur during the review. The agency did not raise new concerns about efficacy or safety, but the decision pushes back any potential approval timeline. Article Title
• Negative Sentiment: Multiple reports say the stock had its worst day in a year as investors reacted to the FDA setback, with some coverage estimating a multi-month delay before another approval attempt could happen. Article Title
• Negative Sentiment: HC Wainwright cut its price target on UNCY from $22 to $15, even while keeping a buy rating, reflecting lower near-term confidence after the regulatory delay. Article Title
• Negative Sentiment: Johnson Fistel said it is investigating Unicycive on behalf of investors, adding another overhang as shareholders face losses tied to the FDA rejection. Article Title
• Neutral Sentiment: There was also unusual call-option activity ahead of the news, which may reflect speculation but does not change the fundamental regulatory setback.

Unicycive Therapeutics Company Profile

Unicycive Therapeutics, Inc, a biotechnology company, engages in developing novel therapies for kidney diseases in the United States. It is developing Renazorb for treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis; and UNI 494, which is in Phase 1 clinical trials for treatment of acute kidney injury. The company was incorporated in 2016 and is based in Los Altos, California.