Shares of the Unity Biotechnology, Inc. (UBX) stock were climbing in the premarket today on November 10, 2021. UBX stock price saw a push of 8.56% to reach $2.79 a share at the time of this writing. The stock was also performing well in the previous trade and went up by 8.90% at closing. Let’s try to figure out the reason behind this bull.
UBX stock has recently released the 24-week data from its phase 1 single ascending dose safety study of UBX1325. Patients suffering from advanced diabetic macular edema (DME) or wet age-related macular degeneration (AMD) participated in this study. Most of the diabetic macular edema patients showed significant improvement in vision across all the doses of UBX1325. The results were also positive for patients belonging to high-dose cohorts. The treatment was effective for wet AMD patients as the study team observed the improvement in visual acuity in those patients.
A total of 19 patients participated in this study and the study team observed that UBX1325 showed well tolerance at all doses. No dose-limiting toxicities and inflammation incidence were observed during the study.
The phase 2 study of UBX1325 in patients with DME is in progress. UBX stock anticipates announcing 12-week safety and efficacy data in the first half of 2022. The stock has planned the Phase 2 study in wet AMD in the first half of next year and 12-week data in the second half of the upcoming year.
Employment Inducement Grants by UBX stock:
On November 3, 2021, UBX stock did announce that the Compensation Committee of its board members granted the Inducement Awards to its two new employees from October 19, 2021, through November 2. The awards covered 190,000 shares of the UBX common stock. The awards included the option to buy an aggregate of 160,000 shares of UBX common stock 30,000 restricted stock units which will vest on the first anniversary of the initiation date of vesting.
Financial View of UBX stock:
In the second quarter of 2021, Unity stock reported an operating loss of $17.0 million as compared to $23.3 million for the same tenure of the previous year. UBX stock spent $11.0 million in research and development expenses and $6.0 million in general and administrative expenses in the third quarter of 2021. Both R&D expenses and G&A expenses decreased due to lower personnel costs in the reported tenure.
Investors are pleased with the recent news of the UBX stock as its per-share price is getting hype so far. Three analysts have rated this stock “Buy” and its price target is $12.00.