Unity Biotechnology (NASDAQ:UBX) Shares Up 2.9%

Shares of Unity Biotechnology, Inc. (NASDAQ:UBX) rose 2.9% during trading on Friday . The stock traded as high as $1.48 and last traded at $1.44. Approximately 45,159 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 67,413 shares. The stock had previously closed at $1.40.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on UBX. HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Unity Biotechnology in a research note on Thursday, August 8th. Rodman & Renshaw initiated coverage on Unity Biotechnology in a research report on Thursday, August 22nd. They issued a “buy” rating and a $8.00 price objective for the company.

Unity Biotechnology Stock Performance

The stock’s 50 day simple moving average is $1.49 and its 200 day simple moving average is $1.51. The firm has a market cap of $24.26 million, a P/E ratio of -0.57 and a beta of 0.83.

Unity Biotechnology (NASDAQ:UBX) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.15. As a group, analysts forecast that Unity Biotechnology, Inc. will post -1.49 EPS for the current fiscal year.

Hedge Funds Weigh In On Unity Biotechnology

An institutional investor recently bought a new position in Unity Biotechnology stock. Armistice Capital LLC bought a new stake in Unity Biotechnology, Inc. (NASDAQ:UBX) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 688,000 shares of the company’s stock, valued at approximately $1,328,000. Armistice Capital LLC owned about 4.10% of Unity Biotechnology as of its most recent SEC filing. Institutional investors and hedge funds own 29.49% of the company’s stock.

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 2 clinical trial for the treatment of age-related diseases of the eye, including diabetic macular edema, age-related macular degeneration, and diabetic retinopathy.