Unicycive Therapeutics initiated with a Buy at B. Riley

B. Riley initiated coverage of Unicycive Therapeutics (UNCY) with a Buy rating and $22 price target The firm says the investment thesis focuses on oxylanthanum carbonate, the company’s next generation nanoparticle-formulated lanthanum-based phosphate binder with a June 29 FDA action date, positioned to enter an $1.5B U.S. hyperphosphatemia market. Oxylanthanum carbonate is the only TDAPA-eligible phosphate-lowering therapy “at the precise moment that class-level TDAPA for the six existing bundled binders expires,” the analyst tells investors in a research note.