Kodiak Sciences (NASDAQ:KOD) Trading Down 6.7% - Should You Sell?

Key Points

• Shares fell 6.7% to $31.52 in mid-day trading, with volume down 91% from the average daily level.
• Analyst sentiment remains generally positive, with five Buy ratings, one Hold and one Sell; the average price target is $53.67, well above the current price.
• Kodiak reported a quarterly loss of $1.05 per share, missing expectations by $0.09, while institutional investors own a substantial 89.06% of the company.

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report)'s stock price traded down 6.7% during mid-day trading on Wednesday . The company traded as low as $32.23 and last traded at $31.52. 75,316 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 827,268 shares. The stock had previously closed at $33.80.

Analyst Ratings Changes

A number of research analysts have recently commented on KOD shares. Wall Street Zen cut Kodiak Sciences from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of Kodiak Sciences in a report on Friday, July 10th. HC Wainwright restated a "buy" rating and issued a $58.00 price objective on shares of Kodiak Sciences in a research note on Thursday, September 17th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Kodiak Sciences from $56.00 to $66.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Five equities research 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, Kodiak Sciences currently has an average rating of "Moderate Buy" and an average price target of $53.67.

Kodiak Sciences Price Performance

The stock has a market capitalization of $1.97 billion, a P/E ratio of -7.46 and a beta of 2.18. The stock has a fifty day moving average price of $38.89 and a 200 day moving average price of $37.19.

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

Institutional Trading of Kodiak Sciences

A number of hedge funds and other institutional investors have recently bought and sold shares of KOD. Engineers Gate Manager LP increased its holdings 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 buying an additional 17,520 shares during the last quarter. Squarepoint Ops LLC raised its position in shares of Kodiak Sciences by 112.6% during 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 lifted its holdings in shares of Kodiak Sciences by 6.9% during the 2nd quarter. Arizona State Retirement System now owns 8,533 shares of the company's stock worth $332,000 after acquiring an additional 554 shares during the last quarter. Hsbc Holdings PLC bought a new stake in shares of Kodiak Sciences during the 2nd quarter worth $232,000. Finally, Wellington Management Group LLP grew its position 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. 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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