Kodiak Sciences (NASDAQ:KOD) Trading 6.3% Higher - Here's Why

Key Points

• Kodiak Sciences shares rose 6.3% to about $33.52 in mid-day trading, despite trading below their 50-day and 200-day moving averages.
• Analyst sentiment remains mixed but leans positive: the consensus rating is “Moderate Buy” with an average price target of $51.14, while targets range from $36 to $66.
• Institutional ownership is high at 89.06%, with several investment firms—including Wellington Management, Engineers Gate and Squarepoint—substantially increasing their positions during the second quarter.

Shares of Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report) traded up 6.3% during mid-day trading on Thursday . The company traded as high as $33.40 and last traded at $33.5190. 762,167 shares traded hands during mid-day trading, a decline of 8% from the average session volume of 831,858 shares. The stock had previously closed at $31.52.

Analyst Upgrades and Downgrades

KOD has been the topic of several recent analyst reports. The Goldman Sachs Group assumed coverage on shares of Kodiak Sciences in a research report on Thursday. They set a "neutral" rating and a $36.00 target price on the stock. HC Wainwright reaffirmed a "buy" rating and set a $58.00 price target on shares of Kodiak Sciences in a research report on Thursday, September 17th. Wall Street Zen lowered Kodiak Sciences from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. JPMorgan Chase & Co. boosted their price objective on Kodiak Sciences from $56.00 to $66.00 and gave the stock an "overweight" rating in a research report on Monday, August 3rd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Kodiak Sciences in a research report on Friday, July 10th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Kodiak Sciences presently has a consensus rating of "Moderate Buy" and an average price target of $51.14.

Kodiak Sciences Trading Up 6.4%

The stock's 50-day moving average price is $38.67 and its two-hundred day moving average price is $37.24. The stock has a market capitalization of $2.11 billion, a P/E ratio of -8.01 and a beta of 2.18.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($0.96) by ($0.09). On average, equities research analysts predict that Kodiak Sciences Inc. will post -3.89 earnings per share for the current year.

Institutional Inflows and Outflows

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

Kodiak Sciences Company Profile

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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