UBX - Unity extends gains on data for lead asset in diabetic macular edema

After a 54% rise on Friday, the shares of clinical-stage biotech Unity Biotechnology ( NASDAQ: UBX ) continue to trade higher on rising volumes in the pre-market as Wall Street reacts to the company’s Phase 2 data for lead candidate UBX1325 in diabetic macular edema.

Compared to the 65-day volume of ~1.8M, about 3.8M Unity ( UBX ) shares have changed hands so far on Monday, adding ~17% to the company valuation.

Disclosing the 12- and 18-week data from the BEHOLD study, Unity ( UBX ) said that a single injection of UBX1325 led to better therapeutic effects compared to the sham control in a patient population, who were under regular anti-VEGF therapy, the current standard of care for DME.

“The drug is exerting a therapeutic effect in a population not expected to meaningfully improve on continued anti- VEGF,” Citi analyst Yigal Nochomovitz wrote in reaction with a Buy rating on Unity ( UBX ).

The analyst raises the price target on the stock to $8 from $5, citing early proof of proof-of-concept and a higher probability of success for the drug in treating the condition.

Sales of Regeneron’s Pharmaceuticals ( REGN ) anti-VEGF therapy EYLEA rose ~ 17% YoY to $5.8B in 2021.

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