Kodiak Sciences (NASDAQ:KOD) Reaches New 12-Month High – Should You Buy?

Kodiak Sciences Inc. (NASDAQ:KOD) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $28.79 and last traded at $28.0510, with a volume of 486344 shares trading hands. The stock had previously closed at $24.13.

Analysts Set New Price Targets

KOD has been the subject of a number of recent research reports. Lifesci Capital began coverage on shares of Kodiak Sciences in a research note on Thursday, October 23rd. They issued an “outperform” rating and a $40.00 price objective for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Kodiak Sciences in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised Kodiak Sciences from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $15.00 to $24.00 in a research report on Friday, October 24th. Chardan Capital reaffirmed a “neutral” rating and set a $14.00 price objective on shares of Kodiak Sciences in a research report on Monday, November 17th. Finally, Jefferies Financial Group assumed coverage on shares of Kodiak Sciences in a research report on Monday, September 22nd. They issued a “buy” rating and a $15.00 price objective on the stock. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $22.67.

Kodiak Sciences Price Performance

The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -6.74 and a beta of 2.68. The firm has a fifty day simple moving average of $19.59 and a two-hundred day simple moving average of $11.95.

Kodiak Sciences (NASDAQ:KOD) last released its earnings results on Thursday, November 13th. The company reported ($1.16) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.09). Equities analysts anticipate that Kodiak Sciences Inc. will post -3.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kodiak Sciences

Several hedge funds have recently made changes to their positions in the company. Vestal Point Capital LP acquired a new stake in Kodiak Sciences during the 3rd quarter worth about $4,092,000. Millennium Management LLC raised its stake in shares of Kodiak Sciences by 210.5% in the third quarter. Millennium Management LLC now owns 155,255 shares of the company’s stock worth $2,542,000 after purchasing an additional 105,255 shares during the last quarter. Fred Alger Management LLC acquired a new stake in shares of Kodiak Sciences during the third quarter worth about $2,264,000. Bank of America Corp DE increased its holdings in Kodiak Sciences by 657.7% in the 3rd quarter. Bank of America Corp DE now owns 309,071 shares of the company’s stock worth $5,059,000 after buying an additional 268,281 shares during the period. Finally, Boone Capital Management LLC purchased a new position in Kodiak Sciences during the 3rd quarter worth approximately $11,719,000. 89.06% of the stock is owned by institutional investors and hedge funds.

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.