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

Unity Biotechnology (NASDAQ:UBX) had its price objective trimmed by HC Wainwright from $10.00 to $8.00 in a research note published on Tuesday morning, Benzinga reports. The firm 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

Shares of UBX stock opened at $1.50 on Tuesday. Unity Biotechnology has a 1 year low of $1.50 and a 1 year high of $3.82. The stock’s 50 day simple moving average is $1.65 and its two-hundred day simple moving average is $1.77. The company has a market cap of $25.19 million, a PE ratio of -0.51 and a beta of 0.87.

Institutional Investors Weigh In On Unity Biotechnology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UBX. Vanguard Group Inc. grew its stake in Unity Biotechnology by 246.2% in the third quarter. Vanguard Group Inc. now owns 4,437,259 shares of the company’s stock worth $1,753,000 after purchasing an additional 3,155,586 shares in the last quarter. Renaissance Technologies LLC grew its stake in Unity Biotechnology by 65.2% in the third quarter. Renaissance Technologies LLC now owns 1,582,369 shares of the company’s stock worth $625,000 after purchasing an additional 624,651 shares in the last quarter. Armistice Capital LLC bought a new position in Unity Biotechnology in the fourth quarter worth approximately $1,328,000. Acadian Asset Management LLC grew its stake in Unity Biotechnology by 39.8% in the first quarter. Acadian Asset Management LLC now owns 389,893 shares of the company’s stock worth $435,000 after purchasing an additional 111,097 shares in the last quarter. Finally, State Street Corp grew its stake in Unity Biotechnology by 32.4% in the third quarter. State Street Corp now owns 172,640 shares of the company’s stock worth $68,000 after purchasing an additional 42,200 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.