Buy Rating Affirmed for Unicycive Therapeutics on Strong Trial Progress and Financial Positioning

Jason McCarthy, an analyst from Maxim Group, maintained the Buy rating on Unicycive Therapeutics (UNCY – Research Report). The associated price target is $4.00.

Jason McCarthy has given his Buy rating due to a combination of factors including Unicycive Therapeutics’ progress in its pivotal trials and recent financing successes. McCarthy notes that the company is on track to report top-line data from its oxylanthanum carbonate (OLC) trial for treating hyperphosphatemia in chronic kidney disease (CKD) patients by the end of the second quarter of 2024. This trial is significant as it is the final step before filing for a New Drug Application (NDA), which could potentially be followed by FDA approval within 12 months. The favorable outcome of this trial, coupled with the company’s solid financial positioning, underpins the Buy rating.
Further strengthening this positive outlook, Unicycive has successfully completed a $50 million private placement of preferred stock, indicating robust investor confidence. This financial infusion should sustain the company through the approval and commercial launch of OLC. McCarthy emphasizes OLC’s potential competitive advantages in the phosphate binder market, such as lower pill burden and ease of swallowing, which could enable it to capture a significant market share. These strategic and financial milestones collectively justify the analyst’s optimistic perspective on Unicycive Therapeutics’ stock.

According to TipRanks, McCarthy is an analyst with an average return of -13.9% and a 31.86% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Actinium Pharmaceuticals, Atossa Therapeutics, and Iterum Therapeutics.

In another report released on April 4, Piper Sandler also initiated coverage with a Buy rating on the stock with a $9.00 price target.

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Unicycive Therapeutics (UNCY) Company Description:

Unicycive Therapeutics Inc is a biotechnology company dedicated towards developing treatments for certain medical conditions. It is focusing on kidney diseases. The company’s lead drug, Renazorb, is a novel phosphate binding agent being developed for the treatment of hyperphosphatemia. Unicycive’s other drug, UNI-494, is a new chemical entity with issued composition of matter patent protection in late preclinical development for the treatment of acute kidney injury.