Traders Purchase High Volume of Unicycive Therapeutics Call Options (NASDAQ:UNCY)

Unicycive Therapeutics, Inc. (NASDAQ:UNCY) was the target of unusually large options trading on Tuesday. Stock investors purchased 2,298 call options on the company. This is an increase of 300% compared to the typical daily volume of 575 call options.

Unicycive Therapeutics Trading Down 45.8%

NASDAQ:UNCY traded down $3.52 on Tuesday, reaching $4.17. The stock had a trading volume of 11,208,581 shares, compared to its average volume of 811,576. The company has a 50-day moving average of $7.55 and a 200 day moving average of $6.84. The stock has a market cap of $114.35 million, a P/E ratio of -1.90 and a beta of 1.74. Unicycive Therapeutics has a 12-month low of $3.71 and a 12-month high of $8.74.

Unicycive Therapeutics (NASDAQ:UNCY) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.08). On average, equities analysts predict that Unicycive Therapeutics will post -0.32 EPS for the current year.

Institutional Trading of Unicycive Therapeutics

A number of hedge funds have recently modified their holdings of the company. Lazard Asset Management LLC acquired a new stake in shares of Unicycive Therapeutics in the second quarter valued at $55,000. JPMorgan Chase & Co. raised its position in Unicycive Therapeutics by 11,698.4% during the second quarter. JPMorgan Chase & Co. now owns 21,709 shares of the company’s stock worth $104,000 after acquiring an additional 21,525 shares in the last quarter. Renaissance Technologies LLC bought a new position in Unicycive Therapeutics during the 1st quarter worth $161,000. Bank of America Corp DE boosted its holdings in Unicycive Therapeutics by 19,327.6% in the 1st quarter. Bank of America Corp DE now owns 29,530 shares of the company’s stock valued at $194,000 after purchasing an additional 29,378 shares during the period. Finally, Quadrature Capital Ltd bought a new stake in shares of Unicycive Therapeutics in the fourth quarter valued at approximately $226,000. Institutional investors own 40.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on UNCY shares. Weiss Ratings upgraded Unicycive Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 9th. Guggenheim restated a “buy” rating and set a $37.00 price target (down from $40.00) on shares of Unicycive Therapeutics in a research report on Wednesday, May 13th. Benchmark reaffirmed a “speculative buy” rating and set a $18.00 price target (up from $15.00) on shares of Unicycive Therapeutics in a report on Tuesday, June 2nd. HC Wainwright reiterated a “buy” rating and set a $22.00 price target on shares of Unicycive Therapeutics in a research note on Wednesday, May 27th. Finally, B. Riley Financial began coverage on Unicycive Therapeutics in a research note on Friday, May 1st. They set a “buy” rating and a $22.00 target price for the company. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.75.

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. The company was incorporated in 2016 and is based in Los Altos, California.