Kodiak Sciences (NASDAQ:KOD) Shares Up 5.6% - Here's What Happened

Key Points

• Kodiak Sciences' stock price rose by 5.6% during mid-day trading, reaching a high of $9.70 before closing at $9.87, despite a significant decline in trading volume.
• Analysts have issued mixed ratings for the company, with an average rating of "Hold" and a price target of $11.75, following recent upgrades by Barclays and JPMorgan Chase.
• Kodiak Sciences reported a quarterly loss of ($1.03) EPS, slightly missing expectations, and is currently engaged in clinical studies for therapies targeting retinal diseases.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report)'s share price shot up 5.6% during mid-day trading on Tuesday . The stock traded as high as $9.70 and last traded at $9.87. 76,905 shares traded hands during trading, a decline of 83% from the average session volume of 447,362 shares. The stock had previously closed at $9.35.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on KOD. Barclays lifted their price objective on shares of Kodiak Sciences from $4.00 to $7.00 and gave the company an "underweight" rating in a research report on Thursday, August 14th. HC Wainwright lifted their price objective on shares of Kodiak Sciences from $3.00 to $5.00 and gave the company a "neutral" rating in a research report on Monday, August 18th. Finally, JPMorgan Chase & Co. upgraded shares of Kodiak Sciences from an "underweight" rating to a "neutral" rating and set a $15.00 price objective on the stock in a research report on Thursday, August 14th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $11.75.

Kodiak Sciences Stock Up 1.9%

The company has a market cap of $503.39 million, a PE ratio of -2.52 and a beta of 2.45. The stock's 50 day moving average is $7.99 and its 200-day moving average is $5.07.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of KOD. US Bancorp DE increased 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 acquiring an additional 5,276 shares during the last quarter. Vontobel Holding Ltd. bought a new position in Kodiak Sciences during the first quarter valued at $28,000. Headlands Technologies LLC increased 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 acquiring an additional 5,815 shares during the last quarter. Walleye Capital LLC bought a new position in Kodiak Sciences during the first quarter valued at $49,000. Finally, Vanguard Personalized Indexing Management LLC increased its position in Kodiak Sciences by 21.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 15,070 shares of the company's stock valued at $56,000 after acquiring an additional 2,691 shares during the last quarter. 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.

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