Zacks Investment Research downgraded shares of Kindred Biosciences, Inc. (NASDAQ:KIN) from a buy rating to a hold rating in a research note issued to investors 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. “

Separately, Aegis initiated coverage on shares of Kindred Biosciences in a report on Friday, June 16th. They issued a buy rating and a $10.50 price objective for the company. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $8.85.

Shares of Kindred Biosciences (NASDAQ:KIN) traded up 2.45% during mid-day trading on Wednesday, reaching $8.35. The company had a trading volume of 99,140 shares. Kindred Biosciences has a 12-month low of $3.90 and a 12-month high of $9.65. The firm has a 50-day moving average of $7.64 and a 200-day moving average of $7.38. The company’s market capitalization is $232.44 million.

Kindred Biosciences (NASDAQ:KIN) last issued its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.29) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.33) by $0.04. On average, equities analysts anticipate that Kindred Biosciences will post ($1.27) earnings per share for the current fiscal year.

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Several hedge funds have recently added to or reduced their stakes in KIN. Nationwide Fund Advisors purchased a new position in shares of Kindred Biosciences during the second quarter valued at approximately $100,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Kindred Biosciences during the first quarter valued at approximately $102,000. JPMorgan Chase & Co. purchased a new position in shares of Kindred Biosciences during the second quarter valued at approximately $119,000. Trexquant Investment LP purchased a new position in shares of Kindred Biosciences during the second quarter valued at approximately $120,000. Finally, OxFORD Asset Management LLP purchased a new position in shares of Kindred Biosciences during the second quarter valued at approximately $128,000. Hedge funds and other institutional investors own 60.37% of the company’s stock.

Kindred Biosciences Company Profile

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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Analyst Recommendations for Kindred Biosciences (NASDAQ:KIN)

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