Bank of New York Mellon Corp Purchases Shares of 111,935 Kodiak Sciences Inc. $KOD

Key Points

• Bank of New York Mellon acquired 111,935 Kodiak Sciences shares valued at approximately $4.36 million, while institutional investors collectively owned 89.06% of the company.
• Analyst sentiment was broadly positive, with six Buy ratings, one Hold and one Sell; MarketBeat reported a “Moderate Buy” consensus and an average price target of $48.14.
• Kodiak Sciences shares opened at $35.36, down 2.8%, after the company reported a quarterly loss of $1.05 per share, missing estimates by $0.09.

Bank of New York Mellon Corp bought a new position in shares of Kodiak Sciences Inc. (NASDAQ:KOD - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 111,935 shares of the company's stock, valued at approximately $4,361,000. Bank of New York Mellon Corp owned approximately 0.18% of Kodiak Sciences at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of KOD. State of Wyoming acquired a new stake in shares of Kodiak Sciences in the 2nd quarter valued at about $906,000. GSA Capital Partners LLP acquired a new position in Kodiak Sciences in the second quarter valued at $1,072,000. Handelsbanken Fonder AB purchased a new stake in shares of Kodiak Sciences in the second quarter valued at about $725,000. Bank of America Corp DE boosted its stake in shares of Kodiak Sciences by 52.7% during the first quarter. Bank of America Corp DE now owns 300,356 shares of the company's stock worth $11,450,000 after buying an additional 103,667 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in shares of Kodiak Sciences by 32.5% during the first quarter. Janus Henderson Group PLC now owns 1,325,457 shares of the company's stock worth $50,540,000 after buying an additional 325,457 shares during the period. 89.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KOD has been the subject of several recent research reports. Chardan Capital raised Kodiak Sciences from a "neutral" rating to a "buy" rating and increased their price target for the stock from $14.00 to $61.00 in a report on Monday, May 11th. Wall Street Zen cut shares of Kodiak Sciences from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. HC Wainwright restated a "buy" rating and set a $58.00 price objective on shares of Kodiak Sciences in a research report on Monday, August 17th. Weiss Ratings restated a "sell (d-)" rating on shares of Kodiak Sciences in a research note on Friday, July 10th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Kodiak Sciences from $56.00 to $66.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Kodiak Sciences has a consensus rating of "Moderate Buy" and an average target price of $48.14.

Kodiak Sciences Stock Down 2.8%

Shares of KOD opened at $35.36 on Friday. The company has a 50-day simple moving average of $40.33 and a 200-day simple moving average of $36.50. The company has a market capitalization of $2.22 billion, a PE ratio of -8.44 and a beta of 2.18. Kodiak Sciences Inc. has a 52-week low of $8.55 and a 52-week high of $47.84.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.96) by ($0.09). On average, research analysts anticipate that Kodiak Sciences Inc. will post -3.89 EPS for the current year.

About Kodiak Sciences

Kodiak Sciences, Inc is a clinical‐stage biopharmaceutical company headquartered in Palo Alto, California, that focuses on the discovery and development of novel therapies for retinal diseases. The company's proprietary technology centers on antibody biopolymer conjugates (ABCs), which are designed to extend durability, enhance tissue penetration and improve the safety profile of existing therapeutic modalities. Kodiak's research and development efforts target conditions such as wet age-related macular degeneration (wet AMD), diabetic macular edema (DME) and other serious ophthalmic disorders.

The lead product candidate in Kodiak's pipeline is KSI-301, an anti-VEGF antibody biopolymer conjugate administered via intravitreal injection.

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