Why Is Unity Biotechnology (UBX) Stock Up 71% Today?

  • Unity Biotechnology (UBX) stock is rising with the release of its second-quarter earnings report.
  • The company also announced positive clinical trial results today.
  • UBX stock is now seeing extremely heavy trading on Friday.
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Unity Biotechnology (NASDAQ:UBX) stock is surging higher on Friday following the release of its earnings report for the second quarter of 2022.

This Q2 report starts with the company’s current cash position, which sits at $64.5 million. In Q1, cash had come to $79.2 million. Unity Biotechnology says its funds should allow the company to continue business through 2023.

In addition to this, Unity saw an operating loss for the quarter of $12.3 million. That’s an improvement over the $17 million operating loss it reported in Q2 2021. Basically, Unity’s research and development (R&D) expenses decreased $3.5 million year-over-year (YOY) to $7.5 million.

Clinical Trial Results Are Boosting UBX Stock

In addition to the earnings report, Unity Biotechnology also just released results from its Phase 2 BEHOLD study. The study covers the use of UBX1325 in treating patients with diabetic macular edema (DME).

According to Unity Biotechnology, results for the 12-week and 18-week segments of the study were positive. This includes an improvement for patients taking UBX1325 as compared to “sham-treated subjects.”

All of this positive news has UBX stock seeing heavy trading on Friday. As of this writing, more than 70 million shares of the stock have been traded. That’s an incredible increase compared to the daily average trading volume of about 394,000 shares.

UBX stock is up 71% as of Friday morning but still down 18% since the start of the year.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/08/why-is-unity-biotechnology-ubx-stock-up-71-today/.

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