Unity Biotechnology (UBX) Stock Price Down 8.4%

Shares of Unity Biotechnology Inc (NASDAQ:UBX) were down 8.4% during mid-day trading on Monday . The company traded as low as $8.97 and last traded at $9.35. Approximately 632,142 shares changed hands during mid-day trading, an increase of 247% from the average daily volume of 182,174 shares. The stock had previously closed at $10.21.

A number of equities analysts recently weighed in on the stock. Mizuho restated a “buy” rating on shares of Unity Biotechnology in a report on Wednesday, March 6th. Cantor Fitzgerald assumed coverage on shares of Unity Biotechnology in a report on Wednesday, March 6th. They set an “overweight” rating and a $21.00 target price on the stock. Finally, Zacks Investment Research downgraded shares of Unity Biotechnology from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Unity Biotechnology presently has an average rating of “Buy” and a consensus target price of $24.17.

The firm has a market capitalization of $415.80 million and a price-to-earnings ratio of -3.66.

Unity Biotechnology (NASDAQ:UBX) last issued its earnings results on Wednesday, May 8th. The company reported ($0.44) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.47) by $0.03. As a group, sell-side analysts forecast that Unity Biotechnology Inc will post -1.95 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc boosted its position in Unity Biotechnology by 416.4% during the fourth quarter. Legal & General Group Plc now owns 3,863 shares of the company’s stock worth $63,000 after purchasing an additional 3,115 shares during the period. BNP Paribas Arbitrage SA boosted its position in Unity Biotechnology by 5,850.0% during the first quarter. BNP Paribas Arbitrage SA now owns 5,355 shares of the company’s stock worth $43,000 after purchasing an additional 5,265 shares during the period. Citigroup Inc. boosted its position in Unity Biotechnology by 374.7% during the fourth quarter. Citigroup Inc. now owns 6,589 shares of the company’s stock worth $107,000 after purchasing an additional 5,201 shares during the period. Metropolitan Life Insurance Co. NY bought a new position in Unity Biotechnology during the fourth quarter worth $144,000. Finally, MetLife Investment Advisors LLC bought a new position in Unity Biotechnology during the fourth quarter worth $196,000. 36.96% of the stock is owned by hedge funds and other institutional investors.

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Unity Biotechnology Company Profile (NASDAQ:UBX)

Unity Biotechnology, Inc, a biotechnology company, engages in the research and development of therapeutics to extend human health span. The company's lead drug candidates include UBX0101 that is in Phase 1 clinical study for musculoskeletal disease; and UBX1967 for ophthalmologic diseases. It is also developing programs in pulmonary disorders.

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