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

Unicycive Therapeutics, Inc. (NASDAQ:UNCY) was the target of a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 1,240,000 shares, a growth of 25.4% from the December 31st total of 989,200 shares. Based on an average daily volume of 1,550,000 shares, the days-to-cover ratio is currently 0.8 days. Approximately 1.4% of the shares of the company are sold short.

Unicycive Therapeutics Stock Performance

Shares of UNCY stock traded up $0.04 during trading on Friday, hitting $0.62. The company had a trading volume of 590,864 shares, compared to its average volume of 1,102,055. The firm has a market capitalization of $63.84 million, a P/E ratio of -0.63 and a beta of 2.30. Unicycive Therapeutics has a one year low of $0.20 and a one year high of $1.82. The stock’s 50-day moving average price is $0.69 and its 200 day moving average price is $0.51.

Hedge Funds Weigh In On Unicycive Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UNCY. Virtu Financial LLC increased its position in shares of Unicycive Therapeutics by 566.8% in the third quarter. Virtu Financial LLC now owns 73,975 shares of the company’s stock worth $30,000 after purchasing an additional 62,881 shares during the period. XTX Topco Ltd bought a new position in Unicycive Therapeutics in the 3rd quarter valued at about $29,000. Bleakley Financial Group LLC bought a new position in Unicycive Therapeutics in the 3rd quarter valued at about $33,000. Acuta Capital Partners LLC acquired a new position in shares of Unicycive Therapeutics in the 3rd quarter valued at approximately $807,000. Finally, Walleye Capital LLC bought a new stake in shares of Unicycive Therapeutics during the 3rd quarter worth approximately $2,040,000. 40.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on UNCY. Benchmark reaffirmed a “speculative buy” rating and set a $3.00 price objective on shares of Unicycive Therapeutics in a research report on Friday, November 22nd. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Unicycive Therapeutics in a report on Wednesday. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $5.50.

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.