CFVI - Why Is Unity Biotechnology (UBX) Stock Up 71% Today?
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Unity Biotechnology (NASDAQ:UBX) stock is surging higher on Friday following the release of its earnings report for the second quarter of 2022.
That report starts with the company’s current cash position sitting at $64.5 million. Cash from the previous quarter this year was $79.2 million. Unity Biotechnology says the funds should allow it to continue business through 2023.
Operating loss for the quarter comes in at $12.3 million. That’s an improvement over the $17 million operating loss reported in the same period of the year prior. This comes as research and development expenses decreased $3.5 million year-over-year to $7.5 million.
Clinical Trial Results Are Boosting UBX Stock
In addition to its earnings report, Unity Biotechnology also released results from its Phase 2 Behold study. This covers the use of UBX1325 in treating patients with diabetic macular edema (DME).
According to Unity Biotechnology, results for the 12-week and 18-week segments of the study were positive. That includes an improvement for patients taking UBX1325 as compared to sham-treated subjects.
All of this positive news has UBX stock seeing heavy trading on Friday. As of this writing, more than 70 million shares of the stock have been traded. That’s an incredible increase compared to its daily average trading volume of about 394,000 shares.
UBX stock is up 70.5% as of Friday morning but is still down 17.7% since the start of the year.
There’s more stock market news traders will want to dive into below!
We’ve got all the hottest stock coverage investors need to know about for Friday! A few examples include what’s happening with shares of WeTrade (NASDAQ:WETG), SmileDirectClub (NASDAQ:SDC), and CF Acquisition Corp VI (NASDAQ:CFVI) stock today. You can find out more at the following links!
More Friday Stock Market News
- WeTrade (WETG) Stock Soars 39% on Monkeypox Test Sales News
- SmileDirectClub (SDC) Stock Gains Despite Weak Q2 Earnings
- Dear CFVI Stock Fans, Mark Your Calendars for a Rumble Vote on Sept. 15
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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