Unity Biotech extends gains as Mizuho upgrades on eye drug potential

Unity Biotechnology

10/11/2021 11:34

** Eye drug developer's shares  UBX.O  rise 10.5% to $2.84
premarket, a day after closing nearly 9% higher 
    ** Co reported early-stage data from its drug to treat eye
diseases on Tuesday  urn:newsml:reuters.com:*:nGNX2wHHSm
    ** Brokerage Mizuho raises rating to "buy" from "neutral"
and ups PT by $2 to $7, saying that the drug shows potential for
having an effect on patients
    ** In the trial, patients with diabetic macular edema (DME)
showed an improvement in vision, and patients with age-related
macular degeneration also showed an improvement in clarity of
vision 
    ** "This stock is underfollowed and off many radars at ~$130
mln market cap, and we expect some investor sentiment shift to
begin at this point" - Mizuho 
    ** 4 of 7 brokerages rate the stock "buy" or higher, 3
"hold"; their median PT is $5
    ** Up to Tuesday's close, stock had roughly halved YTD 
    

 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manasmishra24))