Kodiak Sciences (NASDAQ:KOD) Trading Down 6.7% – Here’s Why

Shares of Kodiak Sciences Inc. (NASDAQ:KOD) fell 6.7% on Tuesday . The company traded as low as $18.21 and last traded at $18.4950. 407,679 shares were traded during trading, a decline of 28% from the average session volume of 567,226 shares. The stock had previously closed at $19.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. HC Wainwright increased their target price on Kodiak Sciences from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday. JPMorgan Chase & Co. upgraded shares of Kodiak Sciences from a “neutral” rating to an “overweight” rating and increased their price target for the company from $15.00 to $24.00 in a report on Friday, October 24th. Chardan Capital reissued a “neutral” rating and set a $14.00 price target on shares of Kodiak Sciences in a research report on Monday. Weiss Ratings restated a “sell (e+)” rating on shares of Kodiak Sciences in a report on Wednesday, October 8th. Finally, Wall Street Zen downgraded Kodiak Sciences from a “hold” rating to a “sell” rating in a research note on Saturday, October 11th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Kodiak Sciences presently has a consensus rating of “Hold” and a consensus target price of $22.67.

Kodiak Sciences Stock Down 6.5%

The company has a market cap of $983.81 million, a PE ratio of -4.51 and a beta of 2.88. The company’s fifty day moving average is $15.35 and its 200-day moving average is $9.14.

Kodiak Sciences (NASDAQ:KOD) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($1.16) EPS for the quarter, missing the consensus estimate of ($1.07) by ($0.09). Equities research analysts expect that Kodiak Sciences Inc. will post -3.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Kodiak Sciences

Institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted its position in Kodiak Sciences by 89.4% during the third quarter. BNP Paribas Financial Markets now owns 6,373 shares of the company’s stock valued at $104,000 after purchasing an additional 3,009 shares in the last quarter. Headlands Technologies LLC raised its stake in shares of Kodiak Sciences by 256.4% in the second quarter. Headlands Technologies LLC now owns 8,083 shares of the company’s stock worth $30,000 after buying an additional 5,815 shares during the period. US Bancorp DE lifted its position in shares of Kodiak Sciences by 131.7% during the 1st quarter. US Bancorp DE now owns 9,282 shares of the company’s stock valued at $26,000 after buying an additional 5,276 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of Kodiak Sciences during the 3rd quarter valued at approximately $204,000. Finally, SG Americas Securities LLC purchased a new stake in Kodiak Sciences in the 3rd quarter worth approximately $228,000. 89.06% of the stock is owned by institutional investors.

About Kodiak Sciences

Kodiak Sciences Inc, a clinical stage biopharmaceutical company, researches, develops, and commercializes therapeutics to treat retinal diseases. Its lead product candidate is tarcocimab tedromer (KSI-301), an anti-vascular endothelial growth factor antibody biopolymer that is in Phase IIb/III clinical study to treat wet age-related macular degeneration (AMD), as well as Phase III clinical study for the treatment of diabetic macular edema, naïve macular edema due to retinal vein occlusion, and non-proliferative diabetic retinopathy.