Noble Financial Cuts Unicycive Therapeutics (NASDAQ:UNCY) Price Target to $50.00

Unicycive Therapeutics (NASDAQ:UNCY) had its target price dropped by Noble Financial from $60.00 to $50.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock.

Several other research firms have also recently issued reports on UNCY. Benchmark reissued a “speculative buy” rating and issued a $18.00 price target (up from $15.00) on shares of Unicycive Therapeutics in a research note on Tuesday, June 2nd. Wall Street Zen cut shares of Unicycive Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. 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. B. Riley Financial reiterated a “buy” rating and issued a $22.00 target price on shares of Unicycive Therapeutics in a research report on Tuesday. Finally, Weiss Ratings raised shares of Unicycive Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, June 9th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Unicycive Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $28.40.

Unicycive Therapeutics Stock Performance

Shares of UNCY traded down $0.01 during mid-day trading on Wednesday, reaching $4.68. 1,088,381 shares of the company’s stock traded hands, compared to its average volume of 887,506. The business’s 50-day moving average price is $7.50 and its 200-day moving average price is $6.82. The stock has a market capitalization of $128.27 million, a P/E ratio of -2.07 and a beta of 1.73. Unicycive Therapeutics has a 12 month low of $3.71 and a 12 month high of $8.74.

Unicycive Therapeutics (NASDAQ:UNCY) last issued its quarterly earnings data 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 research analysts anticipate that Unicycive Therapeutics will post -0.32 EPS for the current year.

Hedge Funds Weigh In On Unicycive Therapeutics

Hedge funds have recently made changes to their positions in the business. Lazard Asset Management LLC acquired a new stake in Unicycive Therapeutics during the second quarter valued at approximately $55,000. JPMorgan Chase & Co. grew its position in Unicycive Therapeutics by 11,698.4% in the second quarter. JPMorgan Chase & Co. now owns 21,709 shares of the company’s stock worth $104,000 after buying an additional 21,525 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Unicycive Therapeutics in the first quarter valued at $161,000. Citadel Advisors LLC bought a new position in shares of Unicycive Therapeutics in the third quarter valued at $182,000. Finally, Bank of America Corp DE lifted its position in shares of Unicycive Therapeutics by 19,327.6% during the 1st quarter. Bank of America Corp DE now owns 29,530 shares of the company’s stock valued at $194,000 after acquiring an additional 29,378 shares during the last quarter. Institutional investors and hedge funds own 40.42% of the company’s stock.

Key Unicycive Therapeutics News

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

• Negative Sentiment: The FDA did not approve OLC and said the application still has unresolved third-party manufacturing deficiencies, delaying a potential launch and pressuring the stock. Article Title
• Negative Sentiment: This is especially disappointing because it appears to be a repeat regulatory issue: the FDA cited the same manufacturing problems in a prior CRL, and the agency still has not inspected the vendor’s facility. Article Title
• Neutral Sentiment: Management said the FDA did not raise new concerns about OLC’s clinical safety or efficacy, and no additional clinical data was requested, which may help limit long-term damage if the manufacturing issues are fixed. Article Title
• Neutral Sentiment: Analysts mostly kept bullish ratings despite the setback, but some cut price targets and warned the approval timeline could be delayed by several months. Article Title

About Unicycive Therapeutics

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.