ICONIQ Capital LLC Boosts Stock Position in Kodiak Sciences Inc. $KOD

Key Points

• ICONIQ Capital LLC increased its stake in Kodiak Sciences Inc. by 24.6%, acquiring an additional 249,699 shares, bringing its total ownership to approximately 1.27 million shares valued at $3.56 million.
• Several institutional investors, including Price T Rowe Associates with a whopping 10,982.6% increase in ownership, are showing significant interest in Kodiak Sciences, which now has 89.06% of its stock owned by institutional investors.
• Analysts have raised price targets for Kodiak Sciences, with Barclays increasing it to $7.00 and JPMorgan Chase setting a new target of $15.00, reflecting varied perspectives on the company's market performance.

ICONIQ Capital LLC raised its position in Kodiak Sciences Inc. (NASDAQ:KOD - Free Report) by 24.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,266,563 shares of the company's stock after buying an additional 249,699 shares during the quarter. ICONIQ Capital LLC owned about 2.40% of Kodiak Sciences worth $3,559,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in KOD. US Bancorp DE raised its stake in shares of Kodiak Sciences by 131.7% during the 1st quarter. US Bancorp DE now owns 9,282 shares of the company's stock valued at $26,000 after purchasing an additional 5,276 shares during the period. Deutsche Bank AG raised its stake in shares of Kodiak Sciences by 8.9% during the 1st quarter. Deutsche Bank AG now owns 73,564 shares of the company's stock valued at $207,000 after purchasing an additional 6,018 shares during the period. Northern Trust Corp raised its stake in shares of Kodiak Sciences by 2.9% during the 4th quarter. Northern Trust Corp now owns 269,597 shares of the company's stock valued at $2,682,000 after purchasing an additional 7,678 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Kodiak Sciences by 26.1% during the 4th quarter. Ameriprise Financial Inc. now owns 38,624 shares of the company's stock valued at $384,000 after purchasing an additional 7,996 shares during the period. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Kodiak Sciences by 183.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 14,759 shares of the company's stock valued at $147,000 after purchasing an additional 9,560 shares during the period. 89.06% of the stock is currently owned by institutional investors.

Kodiak Sciences Trading Down 0.8%

Shares of KOD traded down $0.08 during midday trading on Friday, reaching $8.89. The stock had a trading volume of 306,689 shares, compared to its average volume of 445,021. The company's 50-day moving average is $6.64 and its 200 day moving average is $4.68. Kodiak Sciences Inc. has a 12-month low of $1.92 and a 12-month high of $11.60. The company has a market capitalization of $469.80 million, a price-to-earnings ratio of -2.32 and a beta of 2.41.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 13th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.01) by ($0.02). Research analysts forecast that Kodiak Sciences Inc. will post -3.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. upgraded Kodiak Sciences from an "underweight" rating to a "neutral" rating and set a $15.00 price objective on the stock in a research note on Thursday, August 14th. HC Wainwright boosted their price objective on Kodiak Sciences from $3.00 to $5.00 and gave the company a "neutral" rating in a research note on Monday, August 18th. Finally, Barclays boosted their price objective on Kodiak Sciences from $4.00 to $7.00 and gave the company an "underweight" rating in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Kodiak Sciences has a consensus rating of "Hold" and an average price target of $11.75.

About Kodiak Sciences

Kodiak Sciences Inc, a clinical stage biopharmaceutical company, researches, develops, and commercializes therapeutics to treat retinal diseases. Its lead product candidate is tarcocimab tedromer (KSI-301), an anti-vascular endothelial growth factor antibody biopolymer that is in Phase IIb/III clinical study to treat wet age-related macular degeneration (AMD), as well as Phase III clinical study for the treatment of diabetic macular edema, naïve macular edema due to retinal vein occlusion, and non-proliferative diabetic retinopathy.