Unity Biotechnology price target lowered to $4 from $8 at H.C. Wainwright

H.C. Wainwright analyst Matthew Caufield lowered the firm’s price target on Unity Biotechnology (UBX) to $4 from $8 and keeps a Buy rating on the shares. The firm was “disappointed” to see the Phase 2B ASPIRE study of intravitreal foselutoclax in diabetic macular edema patients not meet the non-inferiority analysis specifically at the average of weeks 20 and 24, the analyst tells investors. However, the firm was “encouraged” that UBX1325 explicitly achieved non-inferiority to aflibercept for 9 out of 10 time points through 36 weeks and that UBX1325 patients gained 5.2 letters at week 24 and subsequently 5.5 letters at week 36, the analyst added.