Brokers Set Expectations for Chinook Therapeutics, Inc.’s FY2023 Earnings (NASDAQ:KDNY)

Chinook Therapeutics, Inc. (NASDAQ:KDNY – Get Rating) – Analysts at Bloom Burton decreased their FY2023 EPS estimates for Chinook Therapeutics in a research note issued on Monday, May 22nd. Bloom Burton analyst A. Borovina now anticipates that the company will post earnings per share of ($3.33) for the year, down from their prior forecast of ($3.15). The consensus estimate for Chinook Therapeutics’ current full-year earnings is ($3.24) per share. Bloom Burton also issued estimates for Chinook Therapeutics’ FY2024 earnings at ($3.29) EPS.

Chinook Therapeutics (NASDAQ:KDNY – Get Rating) last announced its quarterly earnings results on Tuesday, May 9th. The company reported ($0.85) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.03). Chinook Therapeutics had a negative net margin of 4,114.05% and a negative return on equity of 47.13%. The firm had revenue of $1.83 million during the quarter, compared to analyst estimates of $0.14 million. The business’s quarterly revenue was down 32.2% compared to the same quarter last year.

Several other equities research analysts have also commented on the stock. HC Wainwright raised their price target on shares of Chinook Therapeutics from $31.00 to $32.00 in a research note on Wednesday, May 10th. Guggenheim dropped their price target on shares of Chinook Therapeutics from $43.00 to $35.00 in a research note on Tuesday, May 2nd. Oppenheimer raised their price objective on shares of Chinook Therapeutics from $33.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, February 28th. Finally, Piper Sandler initiated coverage on shares of Chinook Therapeutics in a research note on Monday, March 6th. They set an “overweight” rating and a $41.00 price objective on the stock. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $35.83.

Chinook Therapeutics Trading Up 0.2 %

Shares of NASDAQ:KDNY opened at $21.56 on Wednesday. The firm’s 50 day moving average is $21.67 and its two-hundred day moving average is $23.05. Chinook Therapeutics has a 52 week low of $13.34 and a 52 week high of $27.44. The firm has a market capitalization of $1.44 billion, a P/E ratio of -6.76 and a beta of 0.17.

Insider Activity at Chinook Therapeutics

In related news, insider Andrew James King sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $23.34, for a total transaction of $116,700.00. Following the completion of the sale, the insider now directly owns 16,992 shares in the company, valued at $396,593.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Eric Dobmeier sold 23,800 shares of the firm’s stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $21.58, for a total transaction of $513,604.00. Following the completion of the sale, the chief executive officer now directly owns 302,338 shares in the company, valued at $6,524,454.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew James King sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $23.34, for a total transaction of $116,700.00. Following the completion of the transaction, the insider now directly owns 16,992 shares of the company’s stock, valued at approximately $396,593.28. The disclosure for this sale can be found here. Insiders have sold 725,532 shares of company stock worth $15,889,581 over the last quarter. 23.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Chinook Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd acquired a new position in Chinook Therapeutics in the 2nd quarter worth approximately $33,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Chinook Therapeutics during the 3rd quarter valued at $65,000. Quantbot Technologies LP acquired a new stake in shares of Chinook Therapeutics during the 2nd quarter valued at $60,000. Lazard Asset Management LLC acquired a new stake in shares of Chinook Therapeutics during the 1st quarter valued at $76,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Chinook Therapeutics by 389.2% during the 1st quarter. Tower Research Capital LLC TRC now owns 5,029 shares of the company’s stock valued at $116,000 after buying an additional 4,001 shares during the period. Institutional investors and hedge funds own 93.86% of the company’s stock.

About Chinook Therapeutics

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Chinook Therapeutics, Inc is a clinical-stage biopharmaceutical company, which engages in discovering, developing, and commercializing precision medicines for rare, severe chronic kidney diseases. The company was founded in 2019 and is headquartered in Seattle, WA.