Morgan Stanley Lowers Unity Biotechnology (NASDAQ:UBX) Price Target to $24.00

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Unity Biotechnology (NASDAQ:UBX) had its price target decreased by equities researchers at Morgan Stanley from $25.00 to $24.00 in a research note issued to investors on Wednesday, December 19th. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 51.52% from the stock’s current price.

A number of other research firms have also recently issued reports on UBX. Mizuho started coverage on shares of Unity Biotechnology in a research report on Thursday, September 6th. They set a “buy” rating and a $33.00 price objective for the company. Zacks Investment Research cut shares of Unity Biotechnology from a “buy” rating to a “hold” rating in a research report on Friday, October 12th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $24.80.

Shares of NASDAQ:UBX traded down $0.22 during midday trading on Wednesday, hitting $15.84. The stock had a trading volume of 122,900 shares, compared to its average volume of 220,313. Unity Biotechnology has a fifty-two week low of $10.33 and a fifty-two week high of $24.56.

Unity Biotechnology (NASDAQ:UBX) last issued its earnings results on Wednesday, November 7th. The company reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.13). As a group, research analysts expect that Unity Biotechnology will post -1.19 EPS for the current year.

Several large investors have recently bought and sold shares of the company. FMR LLC boosted its stake in shares of Unity Biotechnology by 2.5% in the 3rd quarter. FMR LLC now owns 3,562,723 shares of the company’s stock valued at $56,232,000 after purchasing an additional 86,517 shares during the last quarter. Capital World Investors boosted its stake in shares of Unity Biotechnology by 371.5% in the 3rd quarter. Capital World Investors now owns 1,035,000 shares of the company’s stock valued at $16,860,000 after purchasing an additional 815,511 shares during the last quarter. Partner Fund Management L.P. bought a new stake in shares of Unity Biotechnology in the 2nd quarter valued at $11,458,000. BlackRock Inc. boosted its stake in shares of Unity Biotechnology by 48.1% in the 3rd quarter. BlackRock Inc. now owns 341,974 shares of the company’s stock valued at $5,571,000 after purchasing an additional 111,039 shares during the last quarter. Finally, Partner Investment Management L.P. bought a new stake in shares of Unity Biotechnology in the 2nd quarter valued at $4,079,000. 30.12% of the stock is currently owned by institutional investors.

About Unity Biotechnology

Unity Biotechnology, Inc, a preclinical biotechnology company, engages in the research and development of therapeutics to extend human health span. The company’s lead drug candidates include UBX0101 for musculoskeletal disease with an initial focus on osteoarthritis; and UBX1967 for ophthalmologic diseases.

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