Short Interest in Unicycive Therapeutics, Inc. (NASDAQ:UNCY) Drops By 51.6%

Unicycive Therapeutics, Inc. (NASDAQ:UNCY) was the recipient of a large drop in short interest in January. As of January 31st, there was short interest totalling 823,300 shares, a drop of 51.6% from the January 15th total of 1,700,000 shares. Currently, 0.9% of the company’s stock are short sold. Based on an average trading volume of 1,410,000 shares, the days-to-cover ratio is presently 0.6 days.

Hedge Funds Weigh In On Unicycive Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC purchased a new position in shares of Unicycive Therapeutics in the 3rd quarter valued at approximately $33,000. Great Point Partners LLC purchased a new position in Unicycive Therapeutics in the 3rd quarter valued at $3,491,000. Acuta Capital Partners LLC acquired a new position in Unicycive Therapeutics in the 3rd quarter valued at $807,000. Walleye Capital LLC purchased a new position in Unicycive Therapeutics during the 3rd quarter worth $2,040,000. Finally, XTX Topco Ltd acquired a new stake in shares of Unicycive Therapeutics in the 3rd quarter worth $29,000. Institutional investors and hedge funds own 40.42% of the company’s stock.

Unicycive Therapeutics Stock Performance

Unicycive Therapeutics stock traded up $0.03 during midday trading on Friday, hitting $0.59. 744,433 shares of the company’s stock were exchanged, compared to its average volume of 955,472. The firm’s 50 day simple moving average is $0.67 and its 200 day simple moving average is $0.52. Unicycive Therapeutics has a 12-month low of $0.20 and a 12-month high of $1.82. The stock has a market cap of $61.46 million, a price-to-earnings ratio of -0.61 and a beta of 2.24.

Analysts Set New Price Targets

Several research firms have issued reports on UNCY. HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Unicycive Therapeutics in a research note on Wednesday, January 29th. Benchmark restated a “speculative buy” rating and set a $3.00 price target on shares of Unicycive Therapeutics in a research note on Friday, November 22nd.

Unicycive Therapeutics Company Profile

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.