Zacks Investment Research Lowers Kindred Biosciences Inc. (KIN) to Hold
Kindred Biosciences Inc. (NASDAQ:KIN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Kindred Biosciences is a development-stage biopharmaceutical company focused on saving and improving the lives of pets. Its mission is to bring to pets the same kinds of safe and effective medicines that human family members enjoy. The Company’s strategy is to identify compounds and targets that have already demonstrated safety and efficacy in humans and to develop therapeutics based on these validated compounds and targets for dogs, cats and horses. The Company has a deep pipeline of novel drugs and biologics in development across many therapeutic classes. “
Kindred Biosciences (NASDAQ:KIN) opened at 5.20 on Wednesday. Kindred Biosciences has a 12 month low of $2.90 and a 12 month high of $5.95. The company’s 50-day moving average is $4.90 and its 200-day moving average is $4.06. The company’s market cap is $103.43 million.
Kindred Biosciences (NASDAQ:KIN) last issued its quarterly earnings data on Monday, August 8th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.07. On average, equities research analysts anticipate that Kindred Biosciences will post ($1.22) earnings per share for the current year.
Several institutional investors have recently modified their holdings of KIN. FMR LLC purchased a new position in Kindred Biosciences during the second quarter worth $779,000. Bridgeway Capital Management Inc. purchased a new position in Kindred Biosciences during the second quarter worth $284,000. Royce & Associates LP increased its position in Kindred Biosciences by 64.4% in the first quarter. Royce & Associates LP now owns 148,000 shares of the biopharmaceutical company’s stock worth $511,000 after buying an additional 58,000 shares during the period. JPMorgan Chase & Co. increased its position in Kindred Biosciences by 13.1% in the second quarter. JPMorgan Chase & Co. now owns 235,408 shares of the biopharmaceutical company’s stock worth $833,000 after buying an additional 27,259 shares during the period. Finally, BlackRock Fund Advisors increased its position in Kindred Biosciences by 31.9% in the second quarter. BlackRock Fund Advisors now owns 42,936 shares of the biopharmaceutical company’s stock worth $152,000 after buying an additional 10,390 shares during the period. Institutional investors and hedge funds own 64.38% of the company’s stock.
About Kindred Biosciences
Kindred Biosciences, Inc is a development-stage biopharmaceutical company. The Company is focused on developing therapies for pets. The Company’s product pipeline consists of small molecules and biologics for a range of indications in dogs, cats and horses. The Company is developing product candidates for over 20 indications and focused on small molecule products and canine and feline biologics products.
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