Kodiak Sciences (NASDAQ:KOD) Shares Up 8.4% - Here's Why

Key Points

• Kodiak Sciences' shares surged 8.4% on Friday, reaching a high of $11.11 before closing at $10.88, with trading volume significantly up by 92% compared to average daily activity.
• Analyst ratings have varied, with JPMorgan Chase & Co. upgrading the stock to a "neutral" rating and a $15.00 price target, while Barclays maintained an "underweight" rating with a revised target of $7.00.
• Institutional investors hold a substantial portion of the company, owning 89.06% of Kodiak Sciences, indicating strong confidence in the stock from large financial entities.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report) shares were up 8.4% on Friday . The stock traded as high as $11.11 and last traded at $10.88. Approximately 824,987 shares were traded during trading, an increase of 92% from the average daily volume of 430,284 shares. The stock had previously closed at $10.04.

Analyst Ratings Changes

KOD has been the topic of several research reports. JPMorgan Chase & Co. upgraded 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. Barclays reaffirmed an "underweight" rating and set a $7.00 target price (up from $4.00) on shares of Kodiak Sciences in a report on Thursday.

Kodiak Sciences Price Performance

The stock has a 50 day moving average of $5.45 and a 200 day moving average of $4.42. The firm has a market cap of $593.29 million, a P/E ratio of -2.97 and a beta of 2.41.

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

Institutional Trading of Kodiak Sciences

Hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company purchased a new position in shares of Kodiak Sciences in the 4th quarter valued at approximately $902,000. Vontobel Holding Ltd. acquired a new stake in shares of Kodiak Sciences in the 1st quarter worth $28,000. GSA Capital Partners LLP increased its position in shares of Kodiak Sciences by 163.6% during the 1st quarter. GSA Capital Partners LLP now owns 205,833 shares of the company's stock worth $577,000 after purchasing an additional 127,748 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Kodiak Sciences by 5.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 521,237 shares of the company's stock valued at $5,186,000 after buying an additional 26,058 shares during the last quarter. Finally, Nantahala Capital Management LLC lifted its holdings in shares of Kodiak Sciences by 287.2% in the 4th quarter. Nantahala Capital Management LLC now owns 266,613 shares of the company's stock worth $2,653,000 after acquiring an additional 197,756 shares during the last quarter. Institutional investors own 89.06% of the company's stock.

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.

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