ICONIQ Capital LLC Invests $49.34 Million in Kodiak Sciences Inc. $KOD

Key Points

• ICONIQ Capital acquired 1,266,563 Kodiak Sciences shares worth approximately $49.34 million, giving it a 2.02% ownership stake and making Kodiak its 11th-largest portfolio holding.
• Analyst sentiment is broadly positive: six analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $48.14, although two firms maintain Sell ratings.
• Kodiak Sciences reported a quarterly loss of $1.05 per share, missing the $0.96 consensus estimate; analysts expect a full-year loss of $3.83 per share.

ICONIQ Capital LLC bought a new stake in Kodiak Sciences Inc. (NASDAQ:KOD - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 1,266,563 shares of the company's stock, valued at approximately $49,345,000. Kodiak Sciences makes up 1.4% of ICONIQ Capital LLC's investment portfolio, making the stock its 11th biggest holding. ICONIQ Capital LLC owned 2.02% of Kodiak Sciences as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Westfuller Advisors LLC acquired a new position in shares of Kodiak Sciences in the first quarter valued at approximately $26,000. V Square Quantitative Management LLC bought a new stake in shares of Kodiak Sciences during the 1st quarter valued at about $26,000. EverSource Wealth Advisors LLC grew its position in shares of Kodiak Sciences by 1,221.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 991 shares of the company's stock worth $28,000 after buying an additional 916 shares during the period. Headlands Technologies LLC increased its stake in Kodiak Sciences by 256.4% in the second quarter. Headlands Technologies LLC now owns 8,083 shares of the company's stock valued at $30,000 after purchasing an additional 5,815 shares in the last quarter. Finally, KBC Group NV bought a new stake in Kodiak Sciences in the 1st quarter valued at about $39,000. Institutional investors and hedge funds own 89.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Kodiak Sciences from $56.00 to $66.00 and gave the company an "overweight" rating in a research note on Monday, August 3rd. Chardan Capital upgraded shares of Kodiak Sciences from a "neutral" rating to a "buy" rating and upped their target price for the stock from $14.00 to $61.00 in a research note on Monday, May 11th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Kodiak Sciences in a report on Friday, July 10th. Wall Street Zen lowered shares of Kodiak Sciences from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Finally, HC Wainwright restated a "buy" rating and set a $58.00 price target on shares of Kodiak Sciences in a report on Monday, August 17th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $48.14.

Kodiak Sciences Stock Performance

NASDAQ KOD opened at $38.33 on Monday. The company has a market capitalization of $2.41 billion, a PE ratio of -9.15 and a beta of 2.21. Kodiak Sciences Inc. has a 52-week low of $8.29 and a 52-week high of $47.84. The company has a 50-day simple moving average of $39.90 and a 200 day simple moving average of $35.55.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.96) by ($0.09). As a group, analysts forecast that Kodiak Sciences Inc. will post -3.83 EPS for the current fiscal year.

Kodiak Sciences Profile

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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