HC Wainwright Reaffirms "Buy" Rating for Kodiak Sciences (NASDAQ:KOD)

Key Points

• HC Wainwright reaffirmed its “Buy” rating on Kodiak Sciences and set a $58 price target, implying roughly 40% upside from the prior close.
• Analyst sentiment is generally positive: six analysts rate the stock Buy, one rates it Hold, and one rates it Sell, resulting in a “Moderate Buy” consensus and average target of $48.14.
• Kodiak reported a quarterly loss of $1.05 per share, below the $0.96 consensus estimate, while institutional investors own approximately 89.06% of the company.

Kodiak Sciences (NASDAQ:KOD - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at HC Wainwright in a report released on Monday, Marketbeat.com reports. They presently have a $58.00 price objective on the stock. HC Wainwright's price target points to a potential upside of 40.27% from the stock's previous close.

KOD has been the subject of a number of other research reports. JPMorgan Chase & Co. raised their price target on shares of Kodiak Sciences from $56.00 to $66.00 and gave the stock an "overweight" rating in a research note on Monday, August 3rd. Chardan Capital upgraded Kodiak Sciences from a "neutral" rating to a "buy" rating and upped their price target for the company from $14.00 to $61.00 in a research report on Monday, May 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Kodiak Sciences in a report on Friday, July 10th. Finally, Wall Street Zen lowered shares of Kodiak Sciences from a "hold" rating to a "sell" rating in a report on Saturday. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $48.14.

Kodiak Sciences Price Performance

KOD opened at $41.35 on Monday. Kodiak Sciences has a fifty-two week low of $8.29 and a fifty-two week high of $47.84. The firm's fifty day moving average price is $39.10 and its two-hundred day moving average price is $35.01. The company has a market capitalization of $2.59 billion, a P/E ratio of -9.87 and a beta of 2.21.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.96) by ($0.09). On average, equities research analysts expect that Kodiak Sciences will post -3.74 EPS for the current fiscal year.

Institutional Trading of Kodiak Sciences

Several hedge funds have recently modified their holdings of KOD. BlackRock Inc. bought a new position in Kodiak Sciences in the 2nd quarter valued at $161,113,000. Baker BROS. Advisors LP raised its position in shares of Kodiak Sciences by 15.1% during the fourth quarter. Baker BROS. Advisors LP now owns 19,919,186 shares of the company's stock worth $556,940,000 after acquiring an additional 2,608,696 shares during the last quarter. Braidwell LP acquired a new position in shares of Kodiak Sciences during the fourth quarter valued at $57,955,000. Jupiter Topco LLC acquired a new position in shares of Kodiak Sciences during the second quarter valued at $59,507,000. Finally, RTW Investments LP bought a new position in Kodiak Sciences in the fourth quarter valued at about $41,603,000. 89.06% of the stock is owned by institutional investors.

Kodiak Sciences Company 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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