Kodiak Sciences (NASDAQ:KOD) Sets New 12-Month High – Here’s Why

Shares of Kodiak Sciences Inc. (NASDAQ:KOD) reached a new 52-week high during trading on Wednesday . The stock traded as high as $26.21 and last traded at $25.05, with a volume of 714699 shares changing hands. The stock had previously closed at $26.14.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. 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 target price for the company. Wall Street Zen downgraded shares of Kodiak Sciences from a “hold” rating to a “sell” rating in a research report on Saturday, October 11th. HC Wainwright upped their target price on Kodiak Sciences from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. JPMorgan Chase & Co. upgraded Kodiak Sciences from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $15.00 to $24.00 in a research note on Friday, October 24th. Finally, Chardan Capital restated a “neutral” rating and set a $14.00 price objective on shares of Kodiak Sciences in a research report on Monday, November 17th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $22.67.

Kodiak Sciences Price Performance

The firm’s fifty day moving average price is $18.66 and its 200-day moving average price is $11.23. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -6.08 and a beta of 2.68.

Kodiak Sciences (NASDAQ:KOD) last released its quarterly earnings data on Thursday, November 13th. The company reported ($1.16) earnings per share for the quarter, missing the consensus estimate of ($1.07) by ($0.09). On average, research analysts predict that Kodiak Sciences Inc. will post -3.45 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in KOD. Acadian Asset Management LLC lifted its holdings in shares of Kodiak Sciences by 27.0% during the first quarter. Acadian Asset Management LLC now owns 1,946,134 shares of the company’s stock worth $5,454,000 after purchasing an additional 413,821 shares during the period. Jacobs Levy Equity Management Inc. raised its position in Kodiak Sciences by 90.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 685,198 shares of the company’s stock worth $1,922,000 after purchasing an additional 324,722 shares during the last quarter. Nuveen LLC acquired a new position in Kodiak Sciences during the 1st quarter worth about $392,000. Adage Capital Partners GP L.L.C. grew its position in shares of Kodiak Sciences by 16.3% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,325,707 shares of the company’s stock valued at $3,719,000 after buying an additional 186,180 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Kodiak Sciences in the 1st quarter valued at about $126,000. Institutional investors and hedge funds 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.