Kodiak Sciences (NASDAQ:KOD) Upgraded to Buy at Chardan Capital

Kodiak Sciences (NASDAQ:KOD) was upgraded by equities researchers at Chardan Capital from a “neutral” rating to a “buy” rating in a report issued on Monday,Benzinga reports. The firm presently has a $61.00 price objective on the stock, up from their previous price objective of $14.00. Chardan Capital’s target price would indicate a potential upside of 48.74% from the company’s current price.

KOD has been the subject of several other research reports. HC Wainwright restated a “buy” rating and set a $58.00 price objective (up from $38.00) on shares of Kodiak Sciences in a research report on Friday, March 27th. Weiss Ratings restated a “sell (e+)” rating on shares of Kodiak Sciences in a research report on Thursday, January 22nd. Finally, UBS Group raised their price objective on shares of Kodiak Sciences from $50.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, March 27th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Kodiak Sciences has an average rating of “Moderate Buy” and a consensus target price of $42.14.

Kodiak Sciences Stock Performance

NASDAQ:KOD opened at $41.01 on Monday. Kodiak Sciences has a twelve month low of $2.81 and a twelve month high of $47.84. The company has a 50-day moving average of $34.96 and a 200-day moving average of $27.61. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of -9.83 and a beta of 2.32.

Kodiak Sciences (NASDAQ:KOD) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.01). On average, research analysts forecast that Kodiak Sciences will post -3.74 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in KOD. Westfuller Advisors LLC acquired a new position in shares of Kodiak Sciences in the first quarter worth about $26,000. V Square Quantitative Management LLC acquired a new position in shares of Kodiak Sciences in the first quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Kodiak Sciences by 1,221.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 991 shares of the company’s stock worth $28,000 after buying an additional 916 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of Kodiak Sciences in the fourth quarter worth about $29,000. Finally, Headlands Technologies LLC boosted its holdings 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. 89.06% of the stock is currently owned by institutional investors and hedge funds.

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.