Kodiak Sciences (NASDAQ:KOD) Shares Gap Up - Should You Buy?

Key Points

• Kodiak Sciences Inc. shares experienced a significant gap up in price, opening at $15.85 after closing at $14.10, and last traded at $16.80 with a trading volume of 718,869 shares.
• Analyst ratings on Kodiak Sciences are mixed, with one buy rating, four hold ratings, and one sell rating, as the stock's average target price is $13.20.
• The company reported a quarterly loss of ($1.03) earnings per share, missing estimates by $0.02, and forecasts suggest a further loss of -$3.45 EPS for the current fiscal year.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $14.10, but opened at $15.85. Kodiak Sciences shares last traded at $16.80, with a volume of 718,869 shares trading hands.

Analyst Upgrades and Downgrades

KOD has been the subject of several analyst reports. Weiss Ratings reissued a "sell (e+)" rating on shares of Kodiak Sciences in a report on Wednesday, October 8th. Chardan Capital restated a "neutral" rating and issued a $14.00 target price on shares of Kodiak Sciences in a report on Monday, October 6th. Wall Street Zen downgraded shares of Kodiak Sciences from a "hold" rating to a "sell" rating in a research report on Saturday, October 11th. Jefferies Financial Group started coverage on Kodiak Sciences in a research note on Monday, September 22nd. They set a "buy" rating and a $15.00 target price on the stock. Finally, JPMorgan Chase & Co. raised shares of Kodiak Sciences from an "underweight" rating to a "neutral" rating and set a $15.00 price target on the stock in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $13.20.

Kodiak Sciences Price Performance

The stock's 50 day moving average is $11.45 and its two-hundred day moving average is $6.79. The firm has a market cap of $922.29 million, a P/E ratio of -4.64 and a beta of 2.67.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Adage Capital Partners GP L.L.C. raised its position in shares of Kodiak Sciences by 55.1% in the second quarter. Adage Capital Partners GP L.L.C. now owns 2,055,707 shares of the company's stock valued at $7,668,000 after buying an additional 730,000 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Kodiak Sciences by 1.2% during the 2nd quarter. Acadian Asset Management LLC now owns 1,969,876 shares of the company's stock worth $7,343,000 after acquiring an additional 23,742 shares during the period. ICONIQ Capital LLC boosted its stake in Kodiak Sciences by 24.6% during the first quarter. ICONIQ Capital LLC now owns 1,266,563 shares of the company's stock worth $3,559,000 after acquiring an additional 249,699 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Kodiak Sciences by 90.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 685,198 shares of the company's stock valued at $1,922,000 after buying an additional 324,722 shares in the last quarter. Finally, Nantahala Capital Management LLC raised its holdings in shares of Kodiak Sciences by 11.3% in the second quarter. Nantahala Capital Management LLC now owns 590,884 shares of the company's stock valued at $2,204,000 after purchasing an additional 60,171 shares during the last quarter. 89.06% of the stock is currently owned by institutional investors and hedge funds.

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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