Kodiak Sciences (NASDAQ:KOD) Stock Rating Upgraded by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. upgraded Kodiak Sciences from an "underweight" to a "neutral" rating, setting a price target of $15.00, indicating a potential upside of 74.01% from its previous close.
• Kodiak Sciences' stock has experienced a recent increase of 1.2%, with shares opening at $8.62 and a market capitalization of approximately $454.79 million.
• Institutional investors hold a significant stake in Kodiak Sciences, with approximately 89.06% of the company's stock owned by hedge funds and institutional investors.

JPMorgan Chase & Co. upgraded shares of Kodiak Sciences (NASDAQ:KOD - Free Report) from an underweight rating to a neutral rating in a report published on Thursday, Marketbeat reports. JPMorgan Chase & Co. currently has $15.00 price target on the stock.

Kodiak Sciences Stock Performance

KOD stock traded down $1.5140 on Thursday, reaching $9.7360. The company's stock had a trading volume of 451,929 shares, compared to its average volume of 438,951. The business has a fifty day simple moving average of $5.72 and a two-hundred day simple moving average of $4.44. Kodiak Sciences has a 12-month low of $1.92 and a 12-month high of $11.60. The firm has a market cap of $514.26 million, a PE ratio of -2.57 and a beta of 2.41.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last announced its quarterly 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). As a group, research analysts anticipate that Kodiak Sciences will post -3.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kodiak Sciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC lifted its position in Kodiak Sciences by 256.4% during 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 period. US Bancorp DE lifted its position in Kodiak Sciences by 131.7% during the first quarter. US Bancorp DE now owns 9,282 shares of the company's stock valued at $26,000 after buying an additional 5,276 shares during the period. Vontobel Holding Ltd. purchased a new position in Kodiak Sciences during the first quarter valued at $28,000. Jump Financial LLC purchased a new position in Kodiak Sciences during the fourth quarter valued at $147,000. Finally, Public Employees Retirement System of Ohio lifted its position in 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 valued at $147,000 after buying an additional 9,560 shares during the period. Hedge funds and other institutional investors own 89.06% of the company's stock.

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.