Kodiak Sciences (NASDAQ:KOD) Shares Gap Down – Here’s What Happened

Kodiak Sciences Inc. (NASDAQ:KOD) shares gapped down before the market opened on Tuesday . The stock had previously closed at $23.02, but opened at $21.69. Kodiak Sciences shares last traded at $22.5450, with a volume of 263,534 shares trading hands.

Analysts Set New Price Targets

KOD has been the subject of several research reports. Chardan Capital reaffirmed a “neutral” rating and issued a $14.00 target price on shares of Kodiak Sciences in a research report on Monday, November 17th. JPMorgan Chase & Co. raised shares of Kodiak Sciences from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $15.00 to $24.00 in a report on Friday, October 24th. Lifesci Capital initiated coverage on shares of Kodiak Sciences in a research note on Thursday, October 23rd. They issued an “outperform” rating and a $40.00 target price on the stock. Wall Street Zen lowered shares of Kodiak Sciences from a “hold” rating to a “sell” rating in a research report on Saturday, October 11th. Finally, Jefferies Financial Group assumed coverage on Kodiak Sciences in a research note on Monday, September 22nd. They issued a “buy” rating and a $15.00 price objective on the stock. Four 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 stock. According to data from MarketBeat.com, Kodiak Sciences currently has a consensus rating of “Hold” and an average price target of $22.67.

Kodiak Sciences Trading Up 0.5%

The stock has a fifty day moving average of $19.40 and a two-hundred day moving average of $11.81. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -5.61 and a beta of 2.68.

Kodiak Sciences (NASDAQ:KOD) last posted its quarterly earnings data 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 expect that Kodiak Sciences Inc. will post -3.45 earnings per share for the current year.

Institutional Investors Weigh In On Kodiak Sciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. grew its stake in shares of Kodiak Sciences by 55.1% during the second quarter. Adage Capital Partners GP L.L.C. now owns 2,055,707 shares of the company’s stock valued at $7,668,000 after purchasing an additional 730,000 shares during the last quarter. Boone Capital Management LLC acquired a new position in Kodiak Sciences during the 3rd quarter worth $11,719,000. Acadian Asset Management LLC boosted its position in Kodiak Sciences by 27.0% in the 1st quarter. Acadian Asset Management LLC now owns 1,946,134 shares of the company’s stock valued at $5,454,000 after buying an additional 413,821 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of 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 during the last quarter. Finally, Bank of America Corp DE raised its position in shares of 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 during the last quarter. 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.