Kodiak Sciences (NASDAQ:KOD) Trading Down 9.3% - Here's What Happened

Key Points

• Kodiak Sciences' stock fell by 9.3%, trading as low as $16.28, significantly declining from its previous close of $18.05.
• Wall Street analysts generally view the stock as a "Hold," with an average price target of $13.20, despite some upgrades to "Buy" by select firms.
• The company missed earnings estimates for the last quarter, reporting a loss of ($1.03) per share, indicating ongoing challenges as it progresses in drug development for retinal diseases.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report)'s stock price dropped 9.3% during trading on Thursday . The company traded as low as $16.28 and last traded at $16.37. Approximately 332,186 shares were traded during trading, a decline of 40% from the average daily volume of 549,856 shares. The stock had previously closed at $18.05.

Wall Street Analysts Forecast Growth

KOD has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upgraded shares of Kodiak Sciences from an "underweight" rating to a "neutral" rating and set a $15.00 price target for the company in a report on Thursday, August 14th. Jefferies Financial Group began coverage on shares of Kodiak Sciences in a research note on Monday, September 22nd. They issued a "buy" rating and a $15.00 price target for the company. Barclays raised shares of Kodiak Sciences from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $7.00 to $17.00 in a research report on Thursday, September 25th. Wall Street Zen downgraded shares of Kodiak Sciences from a "hold" rating to a "sell" rating in a research report on Saturday, October 11th. Finally, HC Wainwright increased their price objective on shares of Kodiak Sciences from $3.00 to $5.00 and gave the company a "neutral" rating in a research report on Monday, August 18th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Kodiak Sciences currently has an average rating of "Hold" and a consensus price target of $13.20.

Kodiak Sciences Price Performance

The firm has a market capitalization of $865.14 million, a P/E ratio of -4.31 and a beta of 2.67. The company's 50-day simple moving average is $12.04 and its two-hundred day simple moving average is $7.06.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of ($1.01) by ($0.02). Analysts predict that Kodiak Sciences Inc. will post -3.45 earnings per share for the current year.

Hedge Funds Weigh In On Kodiak Sciences

Several large investors have recently added to or reduced their stakes in KOD. Vontobel Holding Ltd. purchased a new position in shares of Kodiak Sciences in the first quarter worth $28,000. Federated Hermes Inc. purchased a new position in shares of Kodiak Sciences in the first quarter worth $236,000. GSA Capital Partners LLP lifted its holdings in shares of Kodiak Sciences by 163.6% in the first quarter. GSA Capital Partners LLP now owns 205,833 shares of the company's stock worth $577,000 after buying an additional 127,748 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Kodiak Sciences in the first quarter worth $126,000. Finally, US Bancorp DE lifted its holdings in shares of Kodiak Sciences by 131.7% in the first quarter. US Bancorp DE now owns 9,282 shares of the company's stock worth $26,000 after buying an additional 5,276 shares in the last quarter. Hedge funds and other 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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