Kodiak Sciences (NASDAQ:KOD) Stock Price Down 4.1% - Time to Sell?

Key Points

• Shares fell 4.1% to $38.20 in Friday trading, with volume down 69% from the average. Kodiak Sciences recently reported a quarterly loss of $1.05 per share, missing the $0.96 consensus estimate.
• Analyst sentiment remains broadly positive, with six Buy ratings, one Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $48.14. However, some firms recently downgraded the stock to Sell.
• Institutional investors own approximately 89.06% of the company. Kodiak is a clinical-stage biotechnology firm developing retinal-disease treatments, led by its KSI-301 anti-VEGF candidate.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report) shares dropped 4.1% during trading on Friday . The company traded as low as $38.14 and last traded at $38.20. Approximately 260,887 shares were traded during trading, a decline of 69% from the average daily volume of 847,945 shares. The stock had previously closed at $39.84.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Kodiak Sciences in a research report on Friday, July 10th. JPMorgan Chase & Co. raised their price objective on Kodiak Sciences from $56.00 to $66.00 and gave the stock an "overweight" rating in a research report on Monday, August 3rd. Chardan Capital raised shares of Kodiak Sciences from a "neutral" rating to a "buy" rating and increased their target price for the stock from $14.00 to $61.00 in a research note on Monday, May 11th. HC Wainwright reiterated a "buy" rating and set a $58.00 price target on shares of Kodiak Sciences in a research report on Monday. Finally, Wall Street Zen downgraded shares of Kodiak Sciences from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $48.14.

Kodiak Sciences Price Performance

The stock's 50 day simple moving average is $39.81 and its two-hundred day simple moving average is $35.45. The stock has a market capitalization of $2.40 billion, a PE ratio of -9.13 and a beta of 2.21.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.96) by ($0.09). As a group, equities research analysts predict that Kodiak Sciences Inc. will post -3.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kodiak Sciences

Several large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC purchased a new position in shares of Kodiak Sciences in the first quarter worth about $188,000. Dynamic Technology Lab Private Ltd purchased a new position in Kodiak Sciences in the 1st quarter valued at approximately $94,000. Jane Street Group LLC raised its holdings in Kodiak Sciences by 441.3% during the 1st quarter. Jane Street Group LLC now owns 64,649 shares of the company's stock valued at $181,000 after acquiring an additional 52,705 shares during the period. American Century Companies Inc. lifted its position in shares of Kodiak Sciences by 6.3% during the second quarter. American Century Companies Inc. now owns 79,745 shares of the company's stock worth $297,000 after acquiring an additional 4,703 shares in the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of Kodiak Sciences by 190.7% in the second quarter. Federated Hermes Inc. now owns 244,231 shares of the company's stock worth $911,000 after acquiring an additional 160,225 shares during the period. Hedge funds and other institutional investors own 89.06% of the company's stock.

Kodiak Sciences Company Profile

Kodiak Sciences, Inc is a clinical‐stage biopharmaceutical company headquartered in Palo Alto, California, that focuses on the discovery and development of novel therapies for retinal diseases. The company's proprietary technology centers on antibody biopolymer conjugates (ABCs), which are designed to extend durability, enhance tissue penetration and improve the safety profile of existing therapeutic modalities. Kodiak's research and development efforts target conditions such as wet age-related macular degeneration (wet AMD), diabetic macular edema (DME) and other serious ophthalmic disorders.

The lead product candidate in Kodiak's pipeline is KSI-301, an anti-VEGF antibody biopolymer conjugate administered via intravitreal injection.

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