Kodiak Sciences (NASDAQ:KOD) Trading Down 4.1% – Here’s What Happened

Kodiak Sciences Inc. (NASDAQ:KOD) shares traded down 4.1% during mid-day trading on Friday . The company traded as low as $38.14 and last traded at $38.20. 260,887 shares were traded during trading, a decline of 69% from the average session volume of 847,945 shares. The stock had previously closed at $39.84.

Wall Street Analyst Weigh In

A number of research firms have weighed in on KOD. JPMorgan Chase & Co. lifted their target price on Kodiak Sciences from $56.00 to $66.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kodiak Sciences in a research note on Friday, July 10th. Wall Street Zen lowered shares of Kodiak Sciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, HC Wainwright reissued a “buy” rating and issued a $58.00 price target on shares of Kodiak Sciences in a report on Monday. 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.14.

Kodiak Sciences Price Performance

The company has a 50 day simple moving average of $39.81 and a 200-day simple moving average of $35.45. The stock has a market cap of $2.40 billion, a P/E ratio of -9.13 and a beta of 2.21.

Kodiak Sciences (NASDAQ:KOD) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.96) by ($0.09). As a group, research analysts expect that Kodiak Sciences Inc. will post -3.83 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC purchased a new position in shares of Kodiak Sciences during the second quarter worth approximately $232,000. Wellington Management Group LLP boosted its stake in shares of Kodiak Sciences by 81.9% in the 2nd quarter. Wellington Management Group LLP now owns 793,613 shares of the company’s stock valued at $30,919,000 after purchasing an additional 357,284 shares in the last quarter. Artia Global Partners LP bought a new position in shares of Kodiak Sciences during the 2nd quarter valued at $663,000. Bank of America Corp DE bought a new position in shares of Kodiak Sciences during the 2nd quarter valued at $14,949,000. Finally, Boone Capital Management LLC purchased a new position in Kodiak Sciences in the 2nd quarter worth $14,727,000. 89.06% of the stock is currently owned by institutional investors.

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.