Chardan Capital Reaffirms “Buy” Rating for Unity Biotechnology (NASDAQ:UBX)

Unity Biotechnology (NASDAQ:UBX)‘s stock had its “buy” rating reiterated by investment analysts at Chardan Capital in a research report issued on Wednesday,Benzinga reports. They presently have a $4.00 price target on the stock. Chardan Capital’s target price suggests a potential upside of 306.63% from the stock’s current price.

Separately, HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Unity Biotechnology in a report on Wednesday.

Unity Biotechnology Stock Performance

Shares of UBX opened at $0.98 on Wednesday. The company has a 50-day simple moving average of $1.38 and a 200-day simple moving average of $1.44. Unity Biotechnology has a 52 week low of $0.85 and a 52 week high of $3.10. The firm has a market capitalization of $16.59 million, a P/E ratio of -0.75 and a beta of 1.30.

Unity Biotechnology (NASDAQ:UBX) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported ($0.43) EPS for the quarter, meeting the consensus estimate of ($0.43). As a group, equities analysts forecast that Unity Biotechnology will post -1.45 earnings per share for the current year.

Hedge Funds Weigh In On Unity Biotechnology

A number of hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in Unity Biotechnology by 9.5% in the 3rd quarter. Geode Capital Management LLC now owns 163,242 shares of the company’s stock valued at $240,000 after buying an additional 14,199 shares in the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of Unity Biotechnology by 100.0% during the fourth quarter. Bridgeway Capital Management LLC now owns 50,000 shares of the company’s stock valued at $49,000 after acquiring an additional 25,000 shares during the period. Finally, SeaCrest Wealth Management LLC acquired a new stake in shares of Unity Biotechnology in the 1st quarter valued at $29,000. 29.49% of the stock is owned by institutional investors and hedge funds.

About Unity Biotechnology

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.