Unicycive Therapeutics, Inc. (NASDAQ:UNCY) Sees Large Drop in Short Interest

Unicycive Therapeutics, Inc. (NASDAQ:UNCY - Get Free Report) saw a large decline in short interest in the month of May. As of May 15th, there was short interest totalling 666,100 shares, a decline of 16.0% from the April 30th total of 793,000 shares. Based on an average daily trading volume, of 884,600 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.7% of the company's shares are sold short.

Unicycive Therapeutics Stock Performance

Shares of UNCY stock traded up $0.01 during mid-day trading on Wednesday, reaching $0.78. 9,686,686 shares of the company were exchanged, compared to its average volume of 1,594,870. The company has a market capitalization of $93.49 million, a P/E ratio of -0.80 and a beta of 2.14. Unicycive Therapeutics has a fifty-two week low of $0.20 and a fifty-two week high of $0.94. The business's 50 day simple moving average is $0.59 and its 200 day simple moving average is $0.62.

Unicycive Therapeutics (NASDAQ:UNCY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.09. On average, analysts forecast that Unicycive Therapeutics will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in UNCY. Nantahala Capital Management LLC boosted its stake in Unicycive Therapeutics by 268.5% in the fourth quarter. Nantahala Capital Management LLC now owns 10,391,994 shares of the company's stock valued at $8,253,000 after acquiring an additional 7,571,636 shares during the period. Vivo Capital LLC lifted its position in Unicycive Therapeutics by 123.0% in the 4th quarter. Vivo Capital LLC now owns 9,970,152 shares of the company's stock valued at $7,918,000 after purchasing an additional 5,500,000 shares during the last quarter. Octagon Capital Advisors LP boosted its stake in Unicycive Therapeutics by 16.8% during the 4th quarter. Octagon Capital Advisors LP now owns 10,000,000 shares of the company's stock valued at $7,942,000 after purchasing an additional 1,441,000 shares during the period. Acuta Capital Partners LLC boosted its position in shares of Unicycive Therapeutics by 16.4% during the fourth quarter. Acuta Capital Partners LLC now owns 2,303,000 shares of the company's stock worth $1,829,000 after buying an additional 323,801 shares during the period. Finally, Geode Capital Management LLC increased its position in Unicycive Therapeutics by 30.3% in the 4th quarter. Geode Capital Management LLC now owns 524,487 shares of the company's stock valued at $417,000 after acquiring an additional 122,089 shares during the period. Institutional investors and hedge funds own 40.42% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on UNCY. HC Wainwright raised Unicycive Therapeutics to a "strong-buy" rating and set a $9.00 target price on the stock in a research report on Tuesday, May 27th. Guggenheim assumed coverage on shares of Unicycive Therapeutics in a research report on Monday, April 21st. They set a "buy" rating and a $6.00 price target on the stock.

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.