Unity Biotechnology Upgraded - Analyst Highlights Cash Strength & Execution
Portfolio Pulse from Shivani Kumaresan
Wedbush analyst Andreas Argyrides upgraded Unity Biotechnology Inc (NASDAQ:UBX) from Neutral to Outperform and raised the price target from $2 to $4. The upgrade reflects Unity's strong cash position and successful execution, particularly after positive results from the Ph2 BEHOLD trial for UBX1325/DME. The company plans to initiate a Ph2b trial against aflibercept in patients with DME later in 2023 and report further trial results in Q4:24 and Q1:25. Unity ended Q3 with $45.9 million in cash, providing a runway into Q2:25. UBX shares dropped by 1.09% to $1.81.
November 16, 2023 | 7:41 pm
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POSITIVE IMPACT
Unity Biotechnology was upgraded by Wedbush from Neutral to Outperform with a price target increase from $2 to $4, reflecting positive trial results and a strong cash position.
The upgrade by Wedbush is a strong positive signal for investors, indicating confidence in Unity's financial stability and potential for its drug candidates. The increased price target suggests a bullish outlook on the stock's future performance. However, the current share price dip indicates that the market may not have fully absorbed the positive implications of the upgrade yet.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100