HC Wainwright Cuts Unity Biotechnology (NASDAQ:UBX) Price Target to $8.00

Unity Biotechnology (NASDAQ:UBX) had its price objective reduced by HC Wainwright from $10.00 to $8.00 in a research note issued to investors on Tuesday morning, Benzinga reports. HC Wainwright currently has a buy rating on the stock. HC Wainwright also issued estimates for Unity Biotechnology’s Q1 2024 earnings at ($0.57) EPS, Q2 2024 earnings at ($0.59) EPS, Q3 2024 earnings at ($0.62) EPS, Q4 2024 earnings at ($0.64) EPS, FY2024 earnings at ($2.42) EPS, FY2025 earnings at ($2.52) EPS, FY2026 earnings at ($1.30) EPS, FY2027 earnings at ($0.29) EPS and FY2028 earnings at $0.29 EPS.

Unity Biotechnology Price Performance

UBX stock opened at $1.51 on Tuesday. The company has a market cap of $25.35 million, a P/E ratio of -0.51 and a beta of 0.87. Unity Biotechnology has a 1 year low of $1.50 and a 1 year high of $3.82. The stock’s fifty day moving average price is $1.66 and its 200-day moving average price is $1.78.

Hedge Funds Weigh In On Unity Biotechnology

A number of institutional investors and hedge funds have recently modified their holdings of UBX. Vanguard Group Inc. boosted its stake in shares of Unity Biotechnology by 246.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,437,259 shares of the company’s stock worth $1,753,000 after buying an additional 3,155,586 shares during the last quarter. Armistice Capital LLC purchased a new position in shares of Unity Biotechnology in the 4th quarter worth $1,328,000. Renaissance Technologies LLC boosted its stake in shares of Unity Biotechnology by 65.2% in the 3rd quarter. Renaissance Technologies LLC now owns 1,582,369 shares of the company’s stock worth $625,000 after buying an additional 624,651 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of Unity Biotechnology by 39.8% in the 1st quarter. Acadian Asset Management LLC now owns 389,893 shares of the company’s stock worth $435,000 after buying an additional 111,097 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in Unity Biotechnology by 28,706.0% during the second quarter. Wells Fargo & Company MN now owns 43,497 shares of the company’s stock valued at $111,000 after purchasing an additional 43,346 shares in the last quarter. 29.49% of the stock is currently owned by hedge funds and other institutional investors.

Unity Biotechnology Company Profile

Unity Biotechnology, Inc, a biotechnology company, engages in the research and development of therapeutics to slow, halt, or reverse diseases of aging. The company's lead drug candidate includes UBX1325, which is phase II clinical trial for the treatment of age-related diseases of the eye, including diabetic macular edema, age-related macular degeneration, and diabetic retinopathy.