Unicycive selloff brings ‘excellent entry point,’ says H.C. Wainwright

H.C. Wainwright analyst Ed Arce lowered the firm’s price target on Unicycive Therapeutics to $7 from $8 and keeps a Buy rating on the shares. The company announced that the FDA has requested new clinical safety data on lanthanum dioxycarbonate, formerly known as Renazorb, the analyst tells investors in a research note. After speaking with management, the firm believes the new data could be generated from a new trial in about 40-60 patients, from a single dialysis center clinical trial site, over a 4-6 week treatment period. It believes the trial would be funded by the company entirely from cash on hand. Wainwright says a delay of filing the new drug application of about six months is a “reasonably conservative estimate.” It recommends investors consider establishing or adding to their positions, “given the excellent entry point” at current levels.