Kodiak Sciences (NASDAQ:KOD) Stock Price Down 6.8% - Here's Why

Key Points

• The stock price of Kodiak Sciences (NASDAQ:KOD) fell by 6.8% to $13.99, with an increased trading volume of approximately 639,078 shares.
• Wall Street analysts have mixed opinions on Kodiak Sciences, with a current consensus rating of "Hold" and a target price of $10.50, though some analysts have set targets as high as $15.00.
• Kodiak Sciences reported a quarterly loss of ($1.03) earnings per share, which was below analysts' expectations of ($1.01), and is projected to post a negative EPS of -3.45 for the year.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report)'s share price dropped 6.8% during trading on Tuesday . The stock traded as low as $13.72 and last traded at $13.99. Approximately 639,078 shares changed hands during trading, an increase of 34% from the average daily volume of 476,644 shares. The stock had previously closed at $15.01.

Wall Street Analysts Forecast Growth

KOD has been the topic of several recent research reports. HC Wainwright boosted their price target on Kodiak Sciences from $3.00 to $5.00 and gave the stock a "neutral" rating in a research report on Monday, August 18th. Barclays lifted their price objective on Kodiak Sciences from $4.00 to $7.00 and gave the stock an "underweight" rating in a report on Thursday, August 14th. Jefferies Financial Group began coverage on Kodiak Sciences in a report on Monday. They set a "buy" rating and a $15.00 price objective on the stock. Finally, JPMorgan Chase & Co. upgraded Kodiak Sciences from an "underweight" rating to a "neutral" rating and set a $15.00 price objective on the stock in a 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 stock. Based on data from MarketBeat.com, Kodiak Sciences presently has a consensus rating of "Hold" and a consensus target price of $10.50.

Kodiak Sciences Stock Performance

The firm has a market capitalization of $724.69 million, a P/E ratio of -3.61 and a beta of 2.44. The stock has a fifty day moving average price of $8.60 and a two-hundred day moving average price of $5.31.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last issued its quarterly earnings results 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, research analysts anticipate that Kodiak Sciences Inc. will post -3.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC grew its stake in 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 buying an additional 5,815 shares during the last quarter. Bridgeway Capital Management LLC raised its position in Kodiak Sciences by 8.2% during the second quarter. Bridgeway Capital Management LLC now owns 101,900 shares of the company's stock valued at $380,000 after buying an additional 7,700 shares during the period. Adage Capital Partners GP L.L.C. increased its position in Kodiak Sciences by 55.1% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 2,055,707 shares of the company's stock worth $7,668,000 after purchasing an additional 730,000 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Kodiak Sciences by 171.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 266,354 shares of the company's stock worth $994,000 after acquiring an additional 168,192 shares in the last quarter. Finally, Nantahala Capital Management LLC boosted its stake in shares of Kodiak Sciences by 11.3% during the 2nd quarter. Nantahala Capital Management LLC now owns 590,884 shares of the company's stock worth $2,204,000 after acquiring an additional 60,171 shares in the last quarter. 89.06% of the stock is currently owned by institutional investors.

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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