Kodiak Sciences (NASDAQ:KOD) Stock Price Down 7.7% - What's Next?

Key Points

• Kodiak Sciences shares fell 7.7% to about $91.65, with roughly 898,000 shares traded—below the stock’s average session volume.
• Analysts maintain a generally positive outlook: six rate the stock a Buy, one a Hold and one a Sell, producing a “Moderate Buy” consensus and an average price target of $104.71.
• The clinical-stage biotech missed its latest quarterly earnings estimate, reporting a loss of $1.05 per share versus the expected $0.96 loss. Insiders have continued buying shares, acquiring nearly 1.94 million shares worth about $157 million over the past 90 days.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report) was down 7.7% on Tuesday. The stock traded as low as $93.25 and last traded at $91.6450. Approximately 898,408 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 1,135,682 shares. The stock had previously closed at $99.26.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on KOD. Jefferies Financial Group reiterated a "buy" rating and set a $112.00 price target on shares of Kodiak Sciences in a research note on Monday, September 28th. HC Wainwright lifted their price objective on shares of Kodiak Sciences from $96.00 to $126.00 and gave the company a "buy" rating in a report on Monday. Wall Street Zen upgraded shares of Kodiak Sciences from a "strong sell" rating to a "sell" rating in a report on Sunday, October 4th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $103.00 target price on shares of Kodiak Sciences in a research note on Wednesday, September 30th. Finally, Weiss Ratings downgraded shares of Kodiak Sciences from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, October 6th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $104.71.

Kodiak Sciences Trading Down 7.3%

The company has a market cap of $5.78 billion, a price-to-earnings ratio of -21.95 and a beta of 2.03. The firm's fifty day simple moving average is $50.02 and its 200 day simple moving average is $42.87.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last announced its quarterly earnings data 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). As a group, sell-side analysts expect that Kodiak Sciences Inc. will post -3.97 EPS for the current year.

Insider Transactions at Kodiak Sciences

In other Kodiak Sciences news, Director Bros. Advisors Lp Baker acquired 33,726 shares of the stock in a transaction dated Tuesday, September 29th. The stock was acquired at an average cost of $85.05 per share, with a total value of $2,868,396.30. Following the transaction, the director owned 20,191,214 shares in the company, valued at $1,717,262,750.70. The trade was a 0.17% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders bought 1,941,755 shares of company stock worth $156,986,026. 44.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Kodiak Sciences

Hedge funds have recently added to or reduced their stakes in the stock. Westfuller Advisors LLC acquired a new position in Kodiak Sciences in the first quarter valued at $26,000. V Square Quantitative Management LLC acquired a new stake in shares of Kodiak Sciences during the first quarter worth about $26,000. KBC Group NV acquired a new stake in shares of Kodiak Sciences during the first quarter worth about $39,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Kodiak Sciences by 94.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,927 shares of the company's stock valued at $73,000 after purchasing an additional 936 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new stake in shares of Kodiak Sciences in the 1st quarter valued at about $228,000. 89.06% of the stock is currently owned by hedge funds and other institutional investors.

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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