Wall Street Zen Downgrades Kodiak Sciences (NASDAQ:KOD) to Sell

Key Points

• Wall Street Zen downgraded Kodiak Sciences from “hold” to “sell,” despite the broader analyst consensus remaining “Moderate Buy,” with six Buy ratings, one Hold, and one Sell.
• Shares opened at $41.35, near their 52-week high of $47.84, while the company reported a quarterly loss of $1.05 per share—worse than the $0.96 expected.
• Institutional investors own approximately 89.06% of Kodiak’s stock, with BlackRock, Baker Bros. Advisors, and other funds making significant investments.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

Several other analysts have also recently commented on KOD. JPMorgan Chase & Co. raised their target price on shares of Kodiak Sciences from $56.00 to $66.00 and gave the stock an "overweight" rating in a research note on Monday, August 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Kodiak Sciences in a research note on Friday, July 10th. Finally, Chardan Capital raised shares of Kodiak Sciences from a "neutral" rating to a "buy" rating and increased their price target for the stock from $14.00 to $61.00 in a report on Monday, May 11th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.14.

Kodiak Sciences Price Performance

Shares of NASDAQ KOD opened at $41.35 on Friday. The stock has a fifty day moving average price of $39.10 and a 200 day moving average price of $34.95. Kodiak Sciences has a 1-year low of $8.29 and a 1-year high of $47.84. The company has a market cap of $2.59 billion, a PE ratio of -9.87 and a beta of 2.21.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.96) by ($0.09). Analysts anticipate that Kodiak Sciences will post -3.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in Kodiak Sciences in the second quarter valued at $161,113,000. Baker BROS. Advisors LP grew its stake in shares of Kodiak Sciences by 15.1% during the 4th quarter. Baker BROS. Advisors LP now owns 19,919,186 shares of the company's stock worth $556,940,000 after purchasing an additional 2,608,696 shares during the period. Braidwell LP acquired a new position in shares of Kodiak Sciences during the 4th quarter worth $57,955,000. Jupiter Topco LLC purchased a new position in shares of Kodiak Sciences in the 2nd quarter valued at about $59,507,000. Finally, RTW Investments LP purchased a new position in shares of Kodiak Sciences in the 4th quarter valued at about $41,603,000. Institutional investors and hedge funds own 89.06% of the company's stock.

Kodiak Sciences Company Profile

Kodiak Sciences, Inc is a clinical‐stage biopharmaceutical company headquartered in Palo Alto, California, that focuses on the discovery and development of novel therapies for retinal diseases. The company's proprietary technology centers on antibody biopolymer conjugates (ABCs), which are designed to extend durability, enhance tissue penetration and improve the safety profile of existing therapeutic modalities. Kodiak's research and development efforts target conditions such as wet age-related macular degeneration (wet AMD), diabetic macular edema (DME) and other serious ophthalmic disorders.

The lead product candidate in Kodiak's pipeline is KSI-301, an anti-VEGF antibody biopolymer conjugate administered via intravitreal injection.

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