JPMorgan Chase & Co. Boosts Kodiak Sciences (NASDAQ:KOD) Price Target to $66.00

Kodiak Sciences (NASDAQ:KOD) had its price target hoisted by JPMorgan Chase & Co. from $56.00 to $66.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 57.88% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen raised Kodiak Sciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Chardan Capital upgraded shares of Kodiak Sciences from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $14.00 to $61.00 in a report on Monday, May 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Kodiak Sciences in a report on Friday, July 10th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Kodiak Sciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.14.

Kodiak Sciences Price Performance

NASDAQ:KOD traded up $0.22 on Monday, reaching $41.80. The stock had a trading volume of 135,980 shares, compared to its average volume of 871,585. The company has a market cap of $2.62 billion, a price-to-earnings ratio of -9.99 and a beta of 2.19. The firm’s fifty day moving average is $37.54 and its two-hundred day moving average is $33.91. Kodiak Sciences has a 12-month low of $6.42 and a 12-month high of $47.84.

Kodiak Sciences (NASDAQ:KOD) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.01). As a group, research analysts forecast that Kodiak Sciences will post -3.78 earnings per share for the current fiscal year.

Institutional Trading of Kodiak Sciences

A number of institutional investors have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB acquired a new stake in Kodiak Sciences in the 2nd quarter valued at $725,000. Bank of America Corp DE grew its stake in shares of Kodiak Sciences by 52.7% in the first quarter. Bank of America Corp DE now owns 300,356 shares of the company’s stock valued at $11,450,000 after buying an additional 103,667 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Kodiak Sciences by 32.5% in the first quarter. Janus Henderson Group PLC now owns 1,325,457 shares of the company’s stock valued at $50,540,000 after buying an additional 325,457 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Kodiak Sciences by 94.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,927 shares of the company’s stock valued at $73,000 after buying an additional 936 shares during the period. Finally, California State Teachers Retirement System raised its holdings in shares of Kodiak Sciences by 1,358.9% during the 1st quarter. California State Teachers Retirement System now owns 29,396 shares of the company’s stock valued at $1,121,000 after buying an additional 27,381 shares during the period. 89.06% of the stock is owned by hedge funds and other institutional investors.

About Kodiak Sciences

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.