Kodiak Sciences (NASDAQ:KOD) Shares Down 5.7% – Here’s Why

Kodiak Sciences Inc. (NASDAQ:KOD)’s stock price traded down 5.7% during trading on Wednesday. The stock traded as low as $87.32 and last traded at $87.6450. 666,433 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 1,142,264 shares. The stock had previously closed at $92.97.

Analysts Set New Price Targets

KOD has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price objective on Kodiak Sciences from $56.00 to $66.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Jefferies Financial Group reiterated a “buy” rating and set a $112.00 target price on shares of Kodiak Sciences in a research note on Monday, September 28th. Wall Street Zen raised shares of Kodiak Sciences from a “strong sell” rating to a “sell” rating in a research report on Sunday, October 4th. Lifesci Capital lifted their price target on shares of Kodiak Sciences from $85.00 to $145.00 and gave the stock an “outperform” rating in a research note on Monday, September 28th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $103.00 price target on shares of Kodiak Sciences in a report on Wednesday, September 30th. Six investment 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $104.71.

Kodiak Sciences Price Performance

The stock’s fifty day simple moving average is $57.18 and its 200-day simple moving average is $45.75. The stock has a market cap of $5.42 billion, a P/E ratio of -20.62 and a beta of 2.03.

Kodiak Sciences (NASDAQ:KOD) last posted its earnings results on Thursday, August 13th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.96) by ($0.09). Analysts forecast that Kodiak Sciences Inc. will post -3.97 EPS for the current year.

Insider Activity

In other news, Director Bros. Advisors Lp Baker purchased 807,840 shares of the stock in a transaction dated Monday, September 28th. The stock was acquired at an average price of $72.57 per share, for a total transaction of $58,624,948.80. Following the completion of the transaction, the director owned 19,121,134 shares of the company’s stock, valued at approximately $1,387,620,694.38. The trade was a 4.41% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have acquired a total of 1,941,755 shares of company stock worth $156,986,026 over the last three months. Insiders own 44.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE acquired a new position in Kodiak Sciences during the 2nd quarter worth $14,949,000. Bank of New York Mellon Corp acquired a new stake in Kodiak Sciences in the second quarter worth about $4,361,000. Squarepoint Ops LLC grew its position in Kodiak Sciences by 112.6% in the 2nd quarter. Squarepoint Ops LLC now owns 151,098 shares of the company’s stock valued at $5,887,000 after buying an additional 80,042 shares in the last quarter. Algert Global LLC grew its position in Kodiak Sciences by 26.1% in the 2nd quarter. Algert Global LLC now owns 186,476 shares of the company’s stock valued at $7,265,000 after buying an additional 38,546 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of Kodiak Sciences during the 2nd quarter worth about $1,072,000. Institutional investors own 89.06% of the company’s stock.

Kodiak Sciences Company Profile

Kodiak Sciences Inc (NASDAQ: KOD) is a clinical-stage biopharmaceutical company focused on developing treatments for retinal diseases. The company’s research centers on therapies designed to address conditions that can cause vision loss, including diabetic macular edema, neovascular age-related macular degeneration and retinal vein occlusion.

Kodiak’s proprietary Antibody Biopolymer Conjugate platform is designed to combine the targeting capabilities of antibody-based medicines with a biodegradable polymer intended to extend the duration of treatment in the eye.