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

Unicycive Therapeutics, Inc. (NASDAQ:UNCY) saw a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 1,340,000 shares, a decrease of 31.3% from the July 15th total of 1,950,000 shares. Currently, 2.1% of the company’s shares are sold short. Based on an average daily volume of 1,280,000 shares, the days-to-cover ratio is presently 1.0 days.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Virtu Financial LLC purchased a new position in Unicycive Therapeutics in the first quarter valued at about $36,000. BVF Inc. IL grew its stake in shares of Unicycive Therapeutics by 70.5% in the first quarter. BVF Inc. IL now owns 3,611,601 shares of the company’s stock valued at $4,984,000 after buying an additional 1,493,462 shares in the last quarter. Finally, Rosalind Advisors Inc. purchased a new stake in shares of Unicycive Therapeutics during the 1st quarter valued at about $2,594,000. 40.42% of the stock is owned by hedge funds and other institutional investors.

Unicycive Therapeutics Stock Performance

Shares of UNCY traded down $0.02 during trading hours on Thursday, hitting $0.30. The stock had a trading volume of 2,548,542 shares, compared to its average volume of 993,692. The firm has a market cap of $11.28 million, a P/E ratio of -0.25 and a beta of 2.38. The company’s fifty day simple moving average is $0.48 and its 200 day simple moving average is $0.96. Unicycive Therapeutics has a 12-month low of $0.20 and a 12-month high of $1.82.

Unicycive Therapeutics (NASDAQ:UNCY) last issued its earnings results on Monday, May 13th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.09). As a group, sell-side analysts predict that Unicycive Therapeutics will post -0.88 earnings per share for the current fiscal year.

Analysts Set New Price Targets

UNCY has been the topic of a number of recent analyst reports. Brookline Capital Management raised Unicycive Therapeutics to a “strong-buy” rating in a research note on Tuesday, July 9th. Benchmark reissued a “speculative buy” rating and set a $3.00 price target on shares of Unicycive Therapeutics in a research note on Friday, May 31st. Finally, HC Wainwright reduced their price target on Unicycive Therapeutics from $4.50 to $2.50 and set a “buy” rating on the stock in a research note on Thursday. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $5.13.

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.