Kodiak Sciences (NASDAQ:KOD) Stock Falls 6.7% – Here’s Why

Kodiak Sciences Inc. (NASDAQ:KOD)’s stock price was down 6.7% during trading on Wednesday. The stock traded as low as $32.23 and last traded at $31.52. 75,316 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 827,268 shares. The stock had previously closed at $33.80.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on KOD shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kodiak Sciences in a research report on Friday, July 10th. JPMorgan Chase & Co. raised their target price on Kodiak Sciences from $56.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. The Goldman Sachs Group initiated coverage on Kodiak Sciences in a research note on Thursday. They set a “neutral” rating and a $36.00 target price on the stock. Wall Street Zen lowered Kodiak Sciences from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, HC Wainwright reissued a “buy” rating and issued a $58.00 price target on shares of Kodiak Sciences in a research note on Thursday, September 17th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.83.

Kodiak Sciences Stock Up 5.4%

The company has a 50 day moving average of $38.51 and a two-hundred day moving average of $37.30. The firm has a market cap of $2.09 billion, a P/E ratio of -7.93 and a beta of 2.18.

Kodiak Sciences (NASDAQ:KOD) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.96) by ($0.09). Research analysts expect that Kodiak Sciences Inc. will post -3.89 earnings per share for the current fiscal year.

Institutional Trading of Kodiak Sciences

A number of large investors have recently added to or reduced their stakes in KOD. Baker BROS. Advisors LP boosted its stake in shares of Kodiak Sciences by 15.1% during the 4th quarter. Baker BROS. Advisors LP now owns 19,919,186 shares of the company’s stock worth $556,940,000 after acquiring an additional 2,608,696 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Kodiak Sciences during the second quarter valued at $161,113,000. Jupiter Topco LLC acquired a new position in shares of Kodiak Sciences in the second quarter worth about $59,507,000. Janus Henderson Group PLC increased its position in shares of Kodiak Sciences by 32.5% in the first quarter. Janus Henderson Group PLC now owns 1,325,457 shares of the company’s stock worth $50,540,000 after acquiring an additional 325,457 shares in the last quarter. Finally, ICONIQ Capital LLC purchased a new position in shares of Kodiak Sciences in the second quarter worth approximately $49,345,000. 89.06% of the stock is currently owned by institutional investors.

Kodiak Sciences Company Profile

Kodiak Sciences Inc (NASDAQ: KOD) is a biopharmaceutical company focused on developing therapies for retinal diseases and other conditions affecting the eye. The company’s research is centered on antibody biopolymer conjugates, a technology designed to extend the duration of action of biologic medicines in ocular tissues and potentially reduce the frequency of administration.

Its lead development program has been tarcocimab tedromer, also known as KSI-301, an anti-vascular endothelial growth factor (VEGF) therapy investigated for retinal vascular diseases, including diabetic macular edema, diabetic retinopathy and neovascular age-related macular degeneration.