Kodiak Sciences (NASDAQ:KOD) Stock Price Down 5.8% – Here’s Why

Kodiak Sciences Inc. (NASDAQ:KOD)’s stock price traded down 5.8% on Friday . The company traded as low as $29.27 and last traded at $29.2750. 145,497 shares were traded during mid-day trading, a decline of 76% from the average session volume of 603,202 shares. The stock had previously closed at $31.08.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Kodiak Sciences from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $15.00 to $24.00 in a research report on Friday, October 24th. Barclays upgraded shares of Kodiak Sciences from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $7.00 to $17.00 in a research report on Thursday, September 25th. Chardan Capital reissued a “neutral” rating and issued a $14.00 price target on shares of Kodiak Sciences in a report on Monday, November 17th. Jefferies Financial Group initiated 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 for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Kodiak Sciences in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $22.67.

Kodiak Sciences Trading Down 4.8%

The business’s fifty day simple moving average is $21.67 and its 200 day simple moving average is $13.02. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of -7.16 and a beta of 2.68.

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

Insider Transactions at Kodiak Sciences

In related news, Director Bros. Advisors Lp Baker bought 2,608,696 shares of the firm’s stock in a transaction dated Thursday, December 18th. The stock was bought at an average cost of $23.00 per share, for a total transaction of $60,000,008.00. Following the transaction, the director owned 18,358,772 shares of the company’s stock, valued at $422,251,756. This represents a 16.56% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 45.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. raised its holdings in Kodiak Sciences by 55.1% in the second quarter. Adage Capital Partners GP L.L.C. now owns 2,055,707 shares of the company’s stock worth $7,668,000 after purchasing an additional 730,000 shares during the period. Boone Capital Management LLC bought a new stake in shares of Kodiak Sciences in the 3rd quarter valued at $11,719,000. Acadian Asset Management LLC raised its stake in Kodiak Sciences by 27.0% during the 1st quarter. Acadian Asset Management LLC now owns 1,946,134 shares of the company’s stock worth $5,454,000 after buying an additional 413,821 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in Kodiak Sciences by 90.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 685,198 shares of the company’s stock worth $1,922,000 after acquiring an additional 324,722 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Kodiak Sciences by 657.7% during the third quarter. Bank of America Corp DE now owns 309,071 shares of the company’s stock worth $5,059,000 after acquiring an additional 268,281 shares in the last quarter. Institutional investors own 89.06% of the company’s stock.

Kodiak Sciences Company Profile

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.