Kodiak Sciences (NASDAQ:KOD) Shares Down 6% - Time to Sell?

Key Points

• Kodiak Sciences Inc. shares dropped 6% to $9.94, significantly below its previous closing price, with trading volume down 74% from average levels.
• Wall Street analysts have mixed reviews, with HC Wainwright raising their target to $5.00 and JPMorgan upgrading to a "neutral" rating with a $15.00 target, while Barclays set a more conservative target at $7.00.
• The company missed earnings expectations with a reported loss of ($1.03) EPS for the last quarter, and analysts project a larger loss of -3.45 EPS for the current year.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report) fell 6% during mid-day trading on Monday . The company traded as low as $10.27 and last traded at $9.94. 112,392 shares traded hands during trading, a decline of 74% from the average session volume of 432,964 shares. The stock had previously closed at $10.57.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on KOD. Barclays raised their price target on shares of Kodiak Sciences from $4.00 to $7.00 and gave the company an "underweight" rating in a report on Thursday, August 14th. HC Wainwright raised their target price 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 report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $11.75.

Kodiak Sciences Stock Up 5.0%

The stock has a market cap of $538.78 million, a P/E ratio of -2.68 and a beta of 2.41. The company's 50 day moving average price is $6.18 and its two-hundred day moving average price is $4.57.

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

Hedge Funds Weigh In On Kodiak Sciences

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in Kodiak Sciences by 194.9% in the fourth quarter. JPMorgan Chase & Co. now owns 131,646 shares of the company's stock valued at $1,310,000 after acquiring an additional 86,998 shares in the last quarter. Invesco Ltd. lifted its stake in Kodiak Sciences by 545.7% during the 4th quarter. Invesco Ltd. now owns 519,010 shares of the company's stock valued at $5,164,000 after acquiring an additional 438,635 shares during the period. Jump Financial LLC acquired a new stake in Kodiak Sciences during the 4th quarter valued at approximately $147,000. Dimensional Fund Advisors LP grew its stake in shares of Kodiak Sciences by 5.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 521,237 shares of the company's stock worth $5,186,000 after purchasing an additional 26,058 shares during the period. Finally, MetLife Investment Management LLC acquired a new stake in shares of Kodiak Sciences during the 4th quarter worth approximately $209,000. Institutional investors own 89.06% of the company's stock.

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.