Why Did Mizuho Upgrade This Biotech Stock Focused On Age-Related Eye Diseases?
- Mizuho upgraded Unity Biotechnology Inc (NASDAQ: UBX) to Buy from Neutral with a price target of $7, up from $5 after Unity announced longer-term Phase 1 data for UBX1325 in diabetic macular edema (DME) and wet age-related macular degeneration (AMD).
- Analyst Salim Syed expects some investor sentiment shift to begin at this point for this "underfollowed" stock.
- He sees "potential greater de-risking" to come with the Phase 2a sham-controlled dataset due in 1H of 2022.
- Yesterday, Unity announced 24-week data from its Phase 1 single ascending dose (SAD) safety study of UBX1325.
- Patients with DME in higher dose cohorts showed a mean BCVA gain of approximately 10 ETDRS letters sustained through 24 weeks after a single intravitreal injection.
- Patients with wet AMD showed improved visual acuity through 12 weeks, supporting the initiation of Phase 2 study in AMD.
- UBX ended Q3 with cash, cash equivalents, and marketable securities of $88.5 million.
- Related Link: Unity Biotechnology Stock Falls After Updated Data From Wet AMD Candidate.
- Price Action: UBX shares are up 25.7% at $3.23 during the market session on the last check Wednesday.
Latest Ratings for UBX
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jan 2022 | Roth Capital | Upgrades | Neutral | Buy |
| Nov 2021 | Mizuho | Upgrades | Neutral | Buy |
| Jun 2021 | Citigroup | Upgrades | Sell | Buy |
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