Unicycive Therapeutics: Manageable CMC Speed-Bump--Pill-Burden Edge Intact, Buying

  • Initiating coverage on Unicycive Therapeutics, Inc. with a Buy rating and $6 price target, as the recent FDA CRL is manufacturing-related and resolvable. OLC's ultra-low pill burden and strong patient preference position it for significant market share in the $2.7B phosphate binder market for dialysis patients. DCF valuation supports attractive upside even with conservative 20% peak market share, with backup manufacturing in place and 80% historical CRL resolution rate.