Chardan Capital Initiates Coverage on Unity Biotechnology (NASDAQ:UBX)

Stock analysts at Chardan Capital assumed coverage on shares of Unity Biotechnology (NASDAQ:UBX) in a research report issued on Friday,Benzinga reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Chardan Capital’s target price would suggest a potential upside of 351.13% from the stock’s previous close.

Unity Biotechnology Stock Down 26.5 %

Shares of Unity Biotechnology stock opened at $1.33 on Friday. Unity Biotechnology has a fifty-two week low of $0.94 and a fifty-two week high of $2.02. The firm has a market cap of $22.41 million, a price-to-earnings ratio of -1.02 and a beta of 0.80. The business has a fifty day simple moving average of $1.18 and a 200-day simple moving average of $1.36.

Unity Biotechnology (NASDAQ:UBX) last released its earnings results on Monday, November 4th. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.02. Analysts anticipate that Unity Biotechnology will post -1.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Unity Biotechnology

A hedge fund recently raised its stake in Unity Biotechnology stock. Geode Capital Management LLC raised its stake in Unity Biotechnology, Inc. (NASDAQ:UBX) by 9.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 163,242 shares of the company’s stock after buying an additional 14,199 shares during the quarter. Geode Capital Management LLC owned 0.97% of Unity Biotechnology worth $240,000 at the end of the most recent reporting period. 29.49% of the stock is owned by 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 2 clinical trial for the treatment of age-related diseases of the eye, including diabetic macular edema, age-related macular degeneration, and diabetic retinopathy.