Kodiak Sciences (NASDAQ:KOD) Stock Price Target Raised at UBS Group

Key Points

• UBS Group raised Kodiak Sciences’ price target from $80 to $120 and maintained a “buy” rating, implying 33.41% upside from the prior close.
• Kodiak shares surged $57.60 to $89.95 on unusually heavy volume, following positive Phase 3 DAYBREAK results for Zenkuda in wet age-related macular degeneration and plans to pursue regulatory approval.
• Analyst sentiment is mixed but leans positive: MarketBeat reports a “Moderate Buy” consensus and average target of $69.83, while the company recently missed quarterly EPS estimates and continues to record losses.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) had its target price lifted by analysts at UBS Group from $80.00 to $120.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock. UBS Group's price objective indicates a potential upside of 33.41% from the company's previous close.

Several other equities research analysts have also recently weighed in on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Kodiak Sciences in a research note on Friday, July 10th. HC Wainwright increased their target price on shares of Kodiak Sciences from $58.00 to $96.00 and gave the company a "buy" rating in a research report on Monday. JPMorgan Chase & Co. boosted their price target on shares of Kodiak Sciences from $56.00 to $66.00 and gave the stock an "overweight" rating in a research report on Monday, August 3rd. The Goldman Sachs Group began coverage on shares of Kodiak Sciences in a research note on Thursday. They issued a "neutral" rating and a $36.00 price objective on the stock. Finally, Wall Street Zen cut shares of Kodiak Sciences from a "sell" rating to a "strong sell" rating in a research report on Saturday. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $69.83.

Kodiak Sciences Stock Performance

Shares of Kodiak Sciences stock traded up $57.60 on Monday, hitting $89.95. The stock had a trading volume of 28,161,954 shares, compared to its average volume of 985,338. Kodiak Sciences has a twelve month low of $10.94 and a twelve month high of $90.88. The stock has a 50 day moving average of $38.31 and a 200 day moving average of $37.34. The firm has a market capitalization of $5.65 billion, a P/E ratio of -21.31 and a beta of 2.18.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($0.96) by ($0.09). Equities analysts expect that Kodiak Sciences will post -3.89 earnings per share for the current year.

Hedge Funds Weigh In On Kodiak Sciences

Institutional investors and hedge funds have recently modified their holdings of the business. Algert Global LLC raised its holdings in shares of Kodiak Sciences by 26.1% during the second quarter. Algert Global LLC now owns 186,476 shares of the company's stock valued at $7,265,000 after purchasing an additional 38,546 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Kodiak Sciences by 31.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 120,629 shares of the company's stock valued at $4,598,000 after buying an additional 29,121 shares during the period. GSA Capital Partners LLP bought a new stake in Kodiak Sciences in the 2nd quarter valued at about $1,072,000. California State Teachers Retirement System raised its stake in Kodiak Sciences by 1,358.9% during the 1st quarter. California State Teachers Retirement System now owns 29,396 shares of the company's stock worth $1,121,000 after buying an additional 27,381 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Kodiak Sciences during the 2nd quarter worth approximately $4,361,000. 89.06% of the stock is currently owned by institutional investors.

Kodiak Sciences News Roundup

Here are the key news stories impacting Kodiak Sciences this week:

• Positive Sentiment: Kodiak reported positive Phase 3 DAYBREAK results for Zenkuda (tabirafusp-ted/KSI-501) in wet age-related macular degeneration. The data indicate the candidate performed comparably with Regeneron’s established Eylea, supporting Kodiak’s plan to seek regulatory approval for Zenkuda. Kodiak Sciences Stock Pops 64% After Eye-Disease Drugs Pass Key Trial
• Positive Sentiment: The DAYBREAK outcome was described as a positive result for both Zenkuda and tabirafusp-ted in wet AMD, materially improving the company’s prospects in a large commercial market dominated by anti-VEGF treatments. The news drove substantial investor interest, with the stock reported to be up more than 440% over the past year. Kodiak Sciences Reports Positive Phase 3 DAYBREAK Results
• Positive Sentiment: HC Wainwright raised its Kodiak price target from $58 to $96 and assigned a “Buy” rating. The new target implies additional upside from the reported trading level, reflecting increased confidence in Zenkuda’s clinical and regulatory potential. HC Wainwright Raises Kodiak Sciences Price Target
• Neutral Sentiment: Goldman Sachs initiated research coverage of Kodiak Sciences. The available report does not specify the firm’s rating or price target, so the immediate investment implication is unclear. Kodiak Sciences Research Coverage Started at Goldman Sachs

Kodiak Sciences Company Profile

Kodiak Sciences Inc NASDAQ: KOD is a biopharmaceutical company focused on developing therapies for retinal diseases and other conditions affecting the eye. The company's research is centered on antibody biopolymer conjugates, a technology designed to extend the duration of action of biologic medicines in ocular tissues and potentially reduce the frequency of administration.

Its lead development program has been tarcocimab tedromer, also known as KSI-301, an anti-vascular endothelial growth factor (VEGF) therapy investigated for retinal vascular diseases, including diabetic macular edema, diabetic retinopathy and neovascular age-related macular degeneration.

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