Kodiak Sciences Inc. $KOD Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has drastically reduced its stake in Kodiak Sciences Inc. by 84.4%, holding only 80,992 shares worth about $227,000 after selling 438,018 shares in the first quarter.
• Multiple institutional investors have adjusted their positions in Kodiak Sciences, with 89.06% of the stock now owned by such investors, indicating strong institutional interest.
• Analysts have updated their outlooks on Kodiak Sciences, with ratings ranging from "Buy" to "Underweight" and a consensus target price of $11.75, while the stock currently trades around $10.52.

Invesco Ltd. cut its stake in shares of Kodiak Sciences Inc. (NASDAQ:KOD - Free Report) by 84.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 80,992 shares of the company's stock after selling 438,018 shares during the quarter. Invesco Ltd. owned approximately 0.15% of Kodiak Sciences worth $227,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in KOD. US Bancorp DE grew its position in shares of Kodiak Sciences by 131.7% during the first quarter. US Bancorp DE now owns 9,282 shares of the company's stock worth $26,000 after buying an additional 5,276 shares in the last quarter. Vontobel Holding Ltd. acquired a new position in shares of Kodiak Sciences during the first quarter worth about $28,000. Aries Wealth Management acquired a new position in shares of Kodiak Sciences during the first quarter worth about $70,000. XTX Topco Ltd acquired a new position in shares of Kodiak Sciences during the first quarter worth about $126,000. Finally, Public Employees Retirement System of Ohio grew its position in shares of Kodiak Sciences by 183.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 14,759 shares of the company's stock worth $147,000 after buying an additional 9,560 shares in the last quarter. 89.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Kodiak Sciences Price Performance

Shares of Kodiak Sciences stock opened at $10.52 on Monday. The firm's fifty day simple moving average is $7.29 and its 200-day simple moving average is $4.84. The stock has a market capitalization of $555.67 million, a price-to-earnings ratio of -2.77 and a beta of 2.44. Kodiak Sciences Inc. has a 12 month low of $1.92 and a 12 month high of $11.60.

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

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.

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