Unicycive Therapeutics shares gain 2% after Q2 earnings beat
Biotech firm reports second-quarter revenue and earnings above analyst estimates, lifting its stock in early trading.
Shares of Unicycive Therapeutics Inc. rose 2% in premarket trading on Wednesday after the biotech company reported second-quarter earnings that exceeded market expectations.
The company, which focuses on developing treatments for kidney diseases, posted adjusted earnings per share of 2 cents, surpassing the 1-cent estimate from analysts surveyed by Refinitiv. Revenue for the quarter totaled $1.1 million, above the $900,000 forecast.
Unicycive attributed the better-than-expected results to progress in its clinical pipeline and operational efficiencies. The firm did not provide updated guidance for the full year, though management highlighted ongoing efforts to advance its lead candidate, UNI-494, through clinical trials.
Analysts at H.C. Wainwright reiterated a Buy rating on the stock following the earnings release, citing potential for near-term catalysts from pipeline updates. The stock had closed at $1.45 on Tuesday and was trading at $1.48 in premarket activity.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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