Cantor Fitzgerald Thinks This Pharma Stock Could Double
The analyst initiated coverage with an "overweight" rating and a $21 price target
The shares of Unity Biotechnology, Inc. (NASDAQ:UBX) suffered an 11.2% drop yesterday -- and touched a record low of $9.05 -- after poorly received fourth-quarter earnings. Despite all this, Cantor Fitzgerald last night initiated coverage of UBX with an "overweight" rating and a price target of $21 -- more than double the stock's current perch. The analyst waxed optimistic on Unity's"portfolio with multiple blockbusters," citing an increasing market for the company's age-related disease treatments.
Cantor Fitzgerald is in good company, with three "buy" or better ratings and not a single "sell" for UBX. Plus, the analyst's $21 price target is still lower than the consensus 12-month target of $25.40 -- a roughly 173% premium to current levels.
The stock was trading around $17 -- its initial public offering (IPO) price -- to start the year, but is down more than 42% year-to-date, amid pressurefrom its 20-day moving average.However, UBX today is up 2.4% at $9.30.
