Kodiak Sciences Inc. (NASDAQ:KOD) Short Interest Up 39.8% in March

Key Points

• Short interest rose 39.8% in March to 9,854,423 shares, equal to about 29.5% of the stock and a short-interest ratio of 4.1 days based on average daily volume.
• Kodiak shares dropped 6.9% to $41.98 after reporting a quarterly loss of ($1.04) per share (missing estimates), and analysts are split—UBS lifted its target to $80 while the MarketBeat consensus is a “Moderate Buy” with an average target of $35.43.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report) saw a large increase in short interest in March. As of March 31st, there was short interest totaling 9,854,423 shares, an increase of 39.8% from the March 15th total of 7,046,846 shares. Based on an average daily volume of 2,419,047 shares, the short-interest ratio is presently 4.1 days. Approximately 29.5% of the shares of the stock are short sold.

Kodiak Sciences Trading Down 6.9%

Shares of NASDAQ KOD traded down $3.09 during trading hours on Wednesday, hitting $41.98. 731,842 shares of the company traded hands, compared to its average volume of 2,004,947. The company's 50 day moving average price is $29.21 and its 200 day moving average price is $24.56. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of -9.72 and a beta of 2.39. Kodiak Sciences has a 12 month low of $2.17 and a 12 month high of $46.67.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($1.04) EPS for the quarter, missing the consensus estimate of ($1.02) by ($0.02). Equities analysts anticipate that Kodiak Sciences will post -3.45 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on KOD shares. Weiss Ratings reissued a "sell (e+)" rating on shares of Kodiak Sciences in a research report on Thursday, January 22nd. UBS Group boosted their target price on Kodiak Sciences from $50.00 to $80.00 and gave the company a "buy" rating in a research report on Friday, March 27th. Finally, HC Wainwright reissued a "buy" rating and set a $58.00 target price (up from $38.00) on shares of Kodiak Sciences in a research report on Friday, March 27th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $35.43.

Hedge Funds Weigh In On Kodiak Sciences

A number of large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC raised its stake in Kodiak Sciences by 1,221.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 991 shares of the company's stock valued at $28,000 after buying an additional 916 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in Kodiak Sciences in the fourth quarter valued at about $29,000. Headlands Technologies LLC raised 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 buying an additional 5,815 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Kodiak Sciences in the fourth quarter valued at about $72,000. Finally, Strs Ohio purchased a new stake in Kodiak Sciences in the fourth quarter valued at about $87,000. Institutional investors own 89.06% of the company's stock.

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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