Wedbush slashes Unity Biotech's PT after eye drug failed mid-stage study

Unity Biotechnology

28/03/2023 19:44

** Wedbush slashes PT on drugmaker Unity Biotechnology Inc
 UBX.O  to $5 from $35
    ** UBX stock down 13.6% at $1.70
    ** Brokerage removes company's drug UBX1325 for wet
age-related macular degeneration treatment from its valuation
    ** The drug on Monday failed to meet main goal of showing
"non-inferior gains" in vision clarity vs Regeneron
Pharmaceuticals Inc's  REGN.O  drug Eylea
    ** While UBX1325 demonstrated evidence of clinical activity,
the data suggests that the efficacy bar may be too high to
overcome as a monotherapy - Wedbush
    ** Wedbush shifts its focus now on the drug's opportunity in
macular edema, the most common cause of vision loss in diabetic
patients, according to brokerage
    ** With cash of $95 mln at the end 2022 providing runway
into Q1'24, Wedbush sees UBX to consider strategic options to
maximize the development of UBX1325 as well as its early stage
pipeline
    ** Including session's fall, stock down ~38% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))