Unicycive Therapeutics price target raised to $6 from $3 at Maxim

Maxim raised the firm’s price target on Unicycive Therapeutics to $6 from $3 and keeps a Buy rating on the shares. The financing agreement with multiple major institutional healthcare investors to raise $30M upfront for Series A convertible preferred stock and up to $100M from warrants over the next 2-3 years should help fund the company through breakeven, assuming Renazorb is approved in mid-2024, the analyst tells investors in a research note. The firm believes the transaction is a significant positive and highlights a unique opportunity for Unicycive posed by changes coming to the dialysis reimbursement environment.