Cantor Fitzgerald Reaffirms “Buy” Rating for Kindred Biosciences (KIN)
Cantor Fitzgerald reaffirmed their buy rating on shares of Kindred Biosciences (NASDAQ:KIN) in a report published on Thursday morning. They currently have a $20.00 target price on the biopharmaceutical company’s stock.
“. Post 2Q18, we reiterate our Overweight rating and a 12- month price target of $20. We believe KIN’s pipeline of novel animal health drugs will drive long-term shareholder value beyond levels currently reflected in the stock. As KIN advances its pipeline, investors should begin to appreciate the peak revenue potential of the products the company brings to market. Kindred has one approved product, Mirataz, and expects the approval of Zimeta IV later this year or early next year, with two approvals a year thereafter. We expect upward earnings revisions, multiple expansion, and pipeline advancements to drive the stock higher.”,” the firm’s analyst wrote.
A number of other research firms have also weighed in on KIN. LADENBURG THALM/SH SH lowered Kindred Biosciences from a buy rating to a neutral rating in a research note on Tuesday, August 7th. B. Riley lifted their target price on Kindred Biosciences from $12.50 to $16.00 and gave the company a buy rating in a research report on Tuesday, August 7th. Zacks Investment Research upgraded Kindred Biosciences from a hold rating to a buy rating and set a $15.00 target price on the stock in a research report on Wednesday, July 25th. Lake Street Capital began coverage on Kindred Biosciences in a research report on Monday, July 23rd. They issued a buy rating on the stock. Finally, CL King upgraded Kindred Biosciences from a neutral rating to a buy rating in a research report on Monday, July 9th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. Kindred Biosciences currently has a consensus rating of Buy and an average target price of $15.95.
Kindred Biosciences (NASDAQ:KIN) last issued its quarterly earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.39) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.38) by ($0.01). research analysts anticipate that Kindred Biosciences will post -1.49 EPS for the current fiscal year.
In related news, major shareholder Park West Asset Management Llc purchased 845,262 shares of the business’s stock in a transaction on Wednesday, June 20th. The shares were bought at an average price of $9.50 per share, for a total transaction of $8,029,989.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Richard Chin sold 12,610 shares of the company’s stock in a transaction dated Wednesday, May 30th. The stock was sold at an average price of $10.00, for a total value of $126,100.00. Following the sale, the chief executive officer now owns 2,226,071 shares in the company, valued at approximately $22,260,710. The disclosure for this sale can be found here. Insiders sold a total of 138,070 shares of company stock worth $1,537,500 in the last quarter. Company insiders own 15.96% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Ariel Investments LLC boosted its position in shares of Kindred Biosciences by 25.9% during the 2nd quarter. Ariel Investments LLC now owns 2,218,612 shares of the biopharmaceutical company’s stock worth $23,628,000 after acquiring an additional 456,783 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Kindred Biosciences by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,365,002 shares of the biopharmaceutical company’s stock valued at $11,807,000 after purchasing an additional 5,587 shares during the period. BlackRock Inc. boosted its position in shares of Kindred Biosciences by 20.1% in the 2nd quarter. BlackRock Inc. now owns 1,325,147 shares of the biopharmaceutical company’s stock valued at $14,114,000 after purchasing an additional 221,578 shares during the period. New York State Common Retirement Fund boosted its position in shares of Kindred Biosciences by 6.2% in the 1st quarter. New York State Common Retirement Fund now owns 243,249 shares of the biopharmaceutical company’s stock valued at $2,104,000 after purchasing an additional 14,285 shares during the period. Finally, B. Riley Financial Inc. acquired a new stake in shares of Kindred Biosciences in the 1st quarter valued at about $1,120,000. Institutional investors own 62.89% of the company’s stock.
About Kindred Biosciences
Kindred Biosciences, Inc, a biopharmaceutical company, focuses on the development of therapies for pets. The company's product pipeline includes small molecules and biologics for a range of indications in dogs, cats, and horses. Its lead product candidates comprise Zimeta, a dipyrone injection for the control of pyrexia (fever) in horses; and Mirataz, a mirtazapine transdermal ointment for the management of weight loss in cats.
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