Kodiak Sciences (NASDAQ:KOD) Hits New 52-Week High - Still a Buy?

Key Points

• Kodiak Sciences shares surged 134.6%, reaching a new 52-week high of $64.57 from a prior close of $32.35, giving the company a market capitalization of approximately $4.77 billion.
• Analyst sentiment is mixed: five analysts rate the stock Buy, while others rate it Hold, Sell, or Strong Sell. The consensus rating is “Moderate Buy,” but the average price target of $56.83 is below the current share price.
• The company reported a quarterly loss of $1.05 per share, missing the $0.96 consensus estimate, while institutional investors own a substantial 89.06% of outstanding shares.

Shares of Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report) reached a new 52-week high during trading on Monday. The company traded as high as $64.57 and last traded at $64.57, with a volume of 4558251 shares. The stock had previously closed at $32.35.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on KOD shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Kodiak Sciences in a report on Friday, July 10th. HC Wainwright restated a "buy" rating and set a $58.00 price target on shares of Kodiak Sciences in a research report on Thursday, September 17th. JPMorgan Chase & Co. lifted their price target on Kodiak Sciences from $56.00 to $66.00 and gave the stock an "overweight" rating in a research note on Monday, August 3rd. The Goldman Sachs Group started coverage on Kodiak Sciences in a report on Thursday. They issued a "neutral" rating and a $36.00 price objective for the company. Finally, Wall Street Zen cut Kodiak Sciences from a "sell" rating to a "strong sell" rating in a report on Saturday. Five equities 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. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $56.83.

Kodiak Sciences Trading Up 134.6%

The company's fifty day simple moving average is $38.31 and its 200 day simple moving average is $37.34. The firm has a market capitalization of $4.77 billion, a P/E ratio of -19.18 and a beta of 2.18.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.96) by ($0.09). On average, analysts predict that Kodiak Sciences Inc. will post -3.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Engineers Gate Manager LP raised its position in shares of Kodiak Sciences by 145.8% in the 2nd quarter. Engineers Gate Manager LP now owns 29,537 shares of the company's stock worth $1,151,000 after acquiring an additional 17,520 shares in the last quarter. Squarepoint Ops LLC boosted its position in shares of Kodiak Sciences by 112.6% during the second quarter. Squarepoint Ops LLC now owns 151,098 shares of the company's stock valued at $5,887,000 after purchasing an additional 80,042 shares in the last quarter. Arizona State Retirement System grew its stake in Kodiak Sciences by 6.9% in the second quarter. Arizona State Retirement System now owns 8,533 shares of the company's stock worth $332,000 after purchasing an additional 554 shares during the period. Hsbc Holdings PLC bought a new position in Kodiak Sciences in the second quarter worth $232,000. Finally, Wellington Management Group LLP boosted its holdings in shares of Kodiak Sciences by 81.9% during the 2nd quarter. Wellington Management Group LLP now owns 793,613 shares of the company's stock valued at $30,919,000 after buying an additional 357,284 shares in the last quarter. Hedge funds and other institutional investors own 89.06% of the company's stock.

About Kodiak Sciences

Kodiak Sciences Inc NASDAQ: KOD is a biopharmaceutical company focused on developing therapies for retinal diseases and other conditions affecting the eye. The company's research is centered on antibody biopolymer conjugates, a technology designed to extend the duration of action of biologic medicines in ocular tissues and potentially reduce the frequency of administration.

Its lead development program has been tarcocimab tedromer, also known as KSI-301, an anti-vascular endothelial growth factor (VEGF) therapy investigated for retinal vascular diseases, including diabetic macular edema, diabetic retinopathy and neovascular age-related macular degeneration.

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