Unicycive Therapeutics (NASDAQ:UNCY) Releases Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Key Points

• Unicycive Therapeutics reported quarterly earnings of ($0.52) EPS, surpassing expectations by $0.18, compared to the consensus estimate of ($0.70).
• The company's stock rose by 5.0% following the earnings report, reaching $4.63, with significant trading volume of 530,439 shares.
• JPMorgan Chase & Co. dramatically increased its stake in Unicycive by 11,698.4%, highlighting growing institutional interest in the company.

Unicycive Therapeutics (NASDAQ:UNCY - Get Free Report) released its earnings results on Thursday. The company reported ($0.52) earnings per share for the quarter, beating analysts' consensus estimates of ($0.70) by $0.18, Zacks reports.

Unicycive Therapeutics Trading Up 1.5%

UNCY traded up $0.07 on Friday, reaching $4.70. The stock had a trading volume of 563,583 shares, compared to its average volume of 382,440. Unicycive Therapeutics has a fifty-two week low of $2.75 and a fifty-two week high of $11.00. The firm has a 50-day moving average of $5.22 and a 200-day moving average of $5.69. The company has a market capitalization of $59.41 million, a price-to-earnings ratio of -1.14 and a beta of 1.88.

Hedge Funds Weigh In On Unicycive Therapeutics

A hedge fund recently bought a new stake in Unicycive Therapeutics stock. Lazard Asset Management LLC bought a new position in Unicycive Therapeutics, Inc. (NASDAQ:UNCY - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 11,575 shares of the company's stock, valued at approximately $55,000. Lazard Asset Management LLC owned approximately 0.09% of Unicycive Therapeutics as of its most recent SEC filing. 40.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on UNCY shares. Guggenheim began coverage on Unicycive Therapeutics in a research report on Monday, April 21st. They set a "buy" rating and a $60.00 target price for the company. HC Wainwright upgraded Unicycive Therapeutics to a "strong-buy" rating and set a $90.00 price objective for the company in a research report on Tuesday, May 27th.

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.