Kodiak Sciences (NASDAQ:KOD) Trading 6.6% Higher - What's Next?

Key Points

• Kodiak Sciences shares rose 6.6% on Friday, trading as high as $43.94 after closing at $41.25 the prior day, though volume was far below average.
• Analysts remain largely constructive on the stock: several firms raised price targets, and the consensus rating is a “Moderate Buy” with a target price of $42.14.
• Recent earnings were slightly weaker than expected, with the company reporting EPS of -$0.94 versus estimates of -$0.93; analysts expect a full-year loss of about -$3.89 per share.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report)'s share price shot up 6.6% on Friday . The stock traded as high as $43.94 and last traded at $43.9590. 68,404 shares changed hands during trading, a decline of 92% from the average session volume of 900,653 shares. The stock had previously closed at $41.25.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. HC Wainwright reaffirmed a "buy" rating and set a $58.00 target price (up from $38.00) on shares of Kodiak Sciences in a research report on Friday, March 27th. UBS Group raised their price objective on Kodiak Sciences from $50.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, March 27th. Wall Street Zen upgraded Kodiak Sciences from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Kodiak Sciences in a research report on Friday, July 10th. Finally, Chardan Capital upgraded Kodiak Sciences from a "neutral" rating to a "buy" rating and increased their target price for the company from $14.00 to $61.00 in a research note on Monday, May 11th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Kodiak Sciences has a consensus rating of "Moderate Buy" and a consensus target price of $42.14.

Kodiak Sciences Stock Performance

The business's 50 day moving average price is $36.71 and its 200-day moving average price is $32.79. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of -10.32 and a beta of 2.19.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.94) EPS for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.01). On average, analysts forecast that Kodiak Sciences Inc. will post -3.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC bought a new stake in shares of Kodiak Sciences in the 1st quarter valued at approximately $188,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Kodiak Sciences during the 1st quarter valued at approximately $94,000. Jane Street Group LLC lifted its stake in Kodiak Sciences by 441.3% during the first quarter. Jane Street Group LLC now owns 64,649 shares of the company's stock worth $181,000 after purchasing an additional 52,705 shares during the last quarter. American Century Companies Inc. lifted its stake in 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 purchasing an additional 4,703 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in 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 purchasing an additional 160,225 shares during the period. Institutional investors and hedge funds 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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