Kodiak Sciences (NASDAQ:KOD) Stock Price Down 6.4% - Here's What Happened

Key Points

• Kodiak Sciences shares fell 6.4% to $92.11 in Friday trading, with volume down 80% from its average. The company’s market capitalization stood at approximately $5.70 billion.
• Analysts remain broadly positive, with six Buy ratings, one Hold and one Sell, producing a consensus “Moderate Buy” rating and a $100.43 price target. Recent target increases included UBS to $120 and Jefferies to $112.
• The company reported a quarterly loss of $1.05 per share, missing estimates by $0.09. Insider purchases totaled nearly $157 million over the past three months, while insiders own 44.4% of the stock.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report)'s stock price traded down 6.4% on Friday. The stock traded as low as $95.00 and last traded at $92.11. Approximately 221,164 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 1,103,161 shares. The stock had previously closed at $98.46.

Analyst Ratings Changes

Several equities research analysts recently issued reports on KOD shares. JPMorgan Chase & Co. increased their target price on shares of Kodiak Sciences from $56.00 to $66.00 and gave the stock an "overweight" rating in a report on Monday, August 3rd. Jefferies Financial Group restated a "buy" rating and set a $112.00 price objective on shares of Kodiak Sciences in a research report on Monday. Weiss Ratings reissued a "sell (d-)" rating on shares of Kodiak Sciences in a report on Friday, July 10th. UBS Group upped their price objective on Kodiak Sciences from $80.00 to $120.00 and gave the company a "buy" rating in a research report on Monday. Finally, HC Wainwright increased their target price on shares of Kodiak Sciences from $58.00 to $96.00 and gave the company a "buy" rating in a research note on Monday. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $100.43.

Kodiak Sciences Trading Down 7.9%

The firm has a market cap of $5.70 billion, a PE ratio of -21.79 and a beta of 2.02. The business's 50-day simple moving average is $42.47 and its 200 day simple moving average is $39.30.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last posted 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). Analysts expect that Kodiak Sciences Inc. will post -3.89 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Bros. Advisors Lp Baker bought 33,726 shares of the firm's stock in a transaction that occurred on Tuesday, September 29th. The stock was bought at an average price of $85.05 per share, with a total value of $2,868,396.30. Following the completion of the transaction, the director directly owned 20,191,214 shares of the company's stock, valued at approximately $1,717,262,750.70. The trade was a 0.17% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased a total of 1,941,755 shares of company stock worth $156,986,026 over the last three months. Corporate insiders own 44.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System lifted its position in Kodiak Sciences by 6.9% during the second quarter. Arizona State Retirement System now owns 8,533 shares of the company's stock valued at $332,000 after purchasing an additional 554 shares during the period. V Square Quantitative Management LLC purchased a new stake in Kodiak Sciences in the 1st quarter worth approximately $26,000. Westfuller Advisors LLC acquired a new stake in Kodiak Sciences during the first quarter valued at $26,000. EverSource Wealth Advisors LLC grew its position in shares of Kodiak Sciences by 1,221.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 991 shares of the company's stock valued at $28,000 after acquiring an additional 916 shares during the period. Finally, KBC Group NV purchased a new stake in shares of Kodiak Sciences in the first quarter valued at approximately $39,000. 89.06% of the stock is owned by institutional investors and hedge funds.

Kodiak Sciences Company Profile

Kodiak Sciences Inc NASDAQ: KOD is a clinical-stage biopharmaceutical company focused on developing medicines for serious retinal diseases. The company's research is centered on its Antibody Biopolymer Conjugate (ABC) platform, which is designed to combine antibody-based therapies with biopolymer technology to potentially extend the duration of treatment in the eye.

Kodiak's lead programs have focused on ophthalmic diseases involving abnormal blood-vessel growth or leakage, including wet age-related macular degeneration, diabetic macular edema and retinal vein occlusion.

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