Kodiak Sciences (NASDAQ:KOD) Stock Price Up 6.5% - Here's Why

Key Points

• Kodiak Sciences shares rose 6.5% to $91.31, with trading volume significantly below the stock’s average session volume.
• Analyst sentiment remains broadly positive: six analysts 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 company continues developing treatments for serious retinal diseases using its Antibody Biopolymer Conjugate platform, while recent quarterly results missed earnings estimates and analysts expect a full-year loss.

Shares of Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report) traded up 6.5% on Monday. The company traded as high as $91.23 and last traded at $91.31. 357,764 shares were traded during trading, a decline of 69% from the average session volume of 1,142,722 shares. The stock had previously closed at $85.75.

Wall Street Analyst Weigh In

Several equities analysts have commented on KOD shares. Weiss Ratings downgraded Kodiak Sciences from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, October 6th. Lifesci Capital lifted their price target on Kodiak Sciences from $85.00 to $145.00 and gave the company an "outperform" rating in a research note on Monday, September 28th. UBS Group boosted their price target on Kodiak Sciences from $80.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, September 28th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $103.00 price objective on shares of Kodiak Sciences in a research note on Wednesday, September 30th. Finally, HC Wainwright raised 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, October 12th. Six 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $104.71.

Kodiak Sciences Price Performance

The firm has a market cap of $5.82 billion, a price-to-earnings ratio of -22.07 and a beta of 2.03. The firm's fifty day moving average is $53.41 and its 200-day moving average is $44.37.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last issued its quarterly 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). As a group, equities research analysts anticipate that Kodiak Sciences Inc. will post -3.97 EPS for the current year.

Insider Buying and Selling

In other Kodiak Sciences 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 acquired at an average price of $85.05 per share, with a total value of $2,868,396.30. Following the completion of the purchase, the director directly owned 20,191,214 shares of the company's stock, valued at approximately $1,717,262,750.70. This trade represents a 0.17% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders purchased a total of 1,941,755 shares of company stock worth $156,986,026 over the last ninety days. Company insiders own 44.40% of the company's stock.

Hedge Funds Weigh In On Kodiak Sciences

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Kodiak Sciences in the 2nd quarter valued at about $161,113,000. Jupiter Topco LLC acquired a new position in Kodiak Sciences during the 2nd quarter worth approximately $59,507,000. Janus Henderson Group PLC raised its stake in Kodiak Sciences by 32.5% during the 1st quarter. Janus Henderson Group PLC now owns 1,325,457 shares of the company's stock worth $50,540,000 after buying an additional 325,457 shares during the period. ICONIQ Capital LLC bought a new position in Kodiak Sciences in the second quarter worth approximately $49,345,000. Finally, Wellington Management Group LLP boosted its holdings in Kodiak Sciences by 81.9% in the second quarter. Wellington Management Group LLP now owns 793,613 shares of the company's stock worth $30,919,000 after acquiring an additional 357,284 shares in the last quarter. 89.06% of the stock is currently owned by 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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