UNCY - Unicycive draws Buy rating at Roth on prospects for lead asset
2023-04-06 10:53:46 ET
- Roth Capital Partners resumed its coverage on kidney-disease drug developer Unicycive Therapeutics ( NASDAQ: UNCY ) with a Buy rating on Thursday, citing the potential of its lead candidate Renazorb targeted at hyperphosphatemia.
- The biotech expects to submit a New Drug Application to the FDA in mid-2023 seeking approval for Renazorb as a treatment for patients with hyperphosphatemia in chronic kidney disease.
- Subject to potential approval and launch in 2024, UNCY seeks a foothold in the U.S. market for hyperphosphatemia treatments valued at more than $1B.
- Roth argues that Renazorb can lead to better clinical outcomes as patients are likely to adhere to the treatment given its smaller pill size, cost, and convenient dosing regimen due to reduced pill burden. The firm has a 12-month per share price target of $5 for UNCY.
- Read: In March, Unicycive ( UNCY ) shares surged after the company secured $130M from a private placement for the NDA submission and potential launch of Renazorb in the U.S.
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Unicycive draws Buy rating at Roth on prospects for lead asset