Kodiak Sciences (NASDAQ:KOD) Stock Price Down 4.2% – Here’s Why

Kodiak Sciences Inc. (NASDAQ:KOD)’s share price dropped 4.2% on Tuesday . The stock traded as low as $24.60 and last traded at $25.05. Approximately 101,949 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 576,602 shares. The stock had previously closed at $26.14.

Wall Street Analyst Weigh In

A number of research firms have issued reports on KOD. HC Wainwright boosted their price objective on shares of Kodiak Sciences from $24.00 to $26.00 and gave the company a “buy” rating in a report on Monday, November 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of Kodiak Sciences in a research report on Wednesday, October 8th. Barclays upgraded Kodiak Sciences from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $7.00 to $17.00 in a research note on Thursday, September 25th. Jefferies Financial Group began coverage on Kodiak Sciences in a research report on Monday, September 22nd. They set a “buy” rating and a $15.00 target price for the company. Finally, Chardan Capital restated a “neutral” rating and issued a $14.00 price target on shares of Kodiak Sciences in a research report on Monday, November 17th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Kodiak Sciences has an average rating of “Hold” and a consensus price target of $22.67.

Kodiak Sciences Stock Performance

The company has a market cap of $1.35 billion, a price-to-earnings ratio of -6.15 and a beta of 2.68. The business has a fifty day moving average price of $18.49 and a 200 day moving average price of $11.08.

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

Hedge Funds Weigh In On Kodiak Sciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE raised its holdings in Kodiak Sciences by 131.7% in the 1st quarter. US Bancorp DE now owns 9,282 shares of the company’s stock valued at $26,000 after buying an additional 5,276 shares during the last quarter. Headlands Technologies LLC raised its stake in shares of Kodiak Sciences by 256.4% during the second quarter. Headlands Technologies LLC now owns 8,083 shares of the company’s stock valued at $30,000 after acquiring an additional 5,815 shares during the last quarter. Walleye Capital LLC acquired a new position in shares of Kodiak Sciences during the first quarter worth $49,000. Vanguard Personalized Indexing Management LLC grew its stake in shares of Kodiak Sciences by 21.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 15,070 shares of the company’s stock worth $56,000 after purchasing an additional 2,691 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Kodiak Sciences by 729.9% in the first quarter. Russell Investments Group Ltd. now owns 21,039 shares of the company’s stock worth $59,000 after purchasing an additional 18,504 shares during the last quarter. Institutional investors own 89.06% of the company’s stock.

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.