Kodiak Sciences (NASDAQ:KOD) Trading 5.6% Higher - Here's Why

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 rose 5.6% on Tuesday . The stock traded as high as $9.70 and last traded at $9.87. Approximately 76,905 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 447,362 shares. The stock had previously closed at $9.35.

Analyst Ratings Changes

KOD has been the topic of several analyst reports. Barclays boosted their price objective on shares of Kodiak Sciences from $4.00 to $7.00 and gave the stock an "underweight" rating in a research note on Thursday, August 14th. HC Wainwright boosted their price objective on shares of Kodiak Sciences from $3.00 to $5.00 and gave the stock a "neutral" rating in a research note on Monday, August 18th. 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 report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $11.75.

Kodiak Sciences Stock Performance

The firm has a market capitalization of $503.37 million, a PE ratio of -2.51 and a beta of 2.45. The business's 50 day moving average is $8.40 and its two-hundred day moving average is $5.21.

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

Institutional Trading of Kodiak Sciences

Hedge funds have recently made changes to their positions in the stock. Headlands Technologies LLC lifted its holdings in shares of Kodiak Sciences by 256.4% during the 2nd quarter. Headlands Technologies LLC now owns 8,083 shares of the company's stock worth $30,000 after acquiring an additional 5,815 shares during the last quarter. US Bancorp DE increased its position in shares of Kodiak Sciences by 131.7% in 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 period. Vontobel Holding Ltd. purchased a new position in shares of Kodiak Sciences in the first quarter valued at about $28,000. Public Employees Retirement System of Ohio increased its position in shares of Kodiak Sciences by 183.9% in the fourth quarter. Public Employees Retirement System of Ohio now owns 14,759 shares of the company's stock valued at $147,000 after acquiring an additional 9,560 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its position in shares of 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 buying an additional 2,691 shares during the period. 89.06% of the stock is owned by institutional investors.

Kodiak Sciences Company Profile

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.