H.C. Wainwright bullish on Unicycive, says stock rise ‘well justified’

H.C. Wainwright analyst Ed Arce notes that on Monday, Unicycive Therapeutics announced a financing deal worth $30M upfront and up to an additional $100M based on regulatory and commercial milestones from a group of highly regarded healthcare-specialist funds. Over the last two trading sessions, Unicycive has tripled in value on volume of over 192M shares. Yet, H.C. Wainwright continues to view the shares as "substantially undervalued" and views the funds participating in this capital raise as taking advantage of the market’s mis-pricing of the opportunity with Renazorb, which the firm views as not only potentially a best-in-class phosphate binder, but also one that is uniquely positioned to take full advantage of the new CMS guidelines to leverage TDAPA for the benefit of dialysis patients, as well as Unicycive shareholders. H.C. Wainwright has a Buy rating on the shares with a price target of $8.