Kodiak Sciences (NASDAQ:KOD) Stock Falls 7.7% – Here’s Why

Kodiak Sciences Inc. (NASDAQ:KOD) shares dropped 7.7% during trading on Tuesday. The stock traded as low as $93.25 and last traded at $91.6450. Approximately 898,408 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 1,135,682 shares. The stock had previously closed at $99.26.

Analyst Ratings Changes

Several brokerages have recently weighed in on KOD. Weiss Ratings cut shares of Kodiak Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, October 6th. Lifesci Capital increased their price target on shares of Kodiak Sciences from $85.00 to $145.00 and gave the stock an “outperform” rating in a research report on Monday, September 28th. The Goldman Sachs Group reiterated a “neutral” rating and set a $103.00 price target on shares of Kodiak Sciences in a research note on Wednesday, September 30th. Wall Street Zen upgraded shares of Kodiak Sciences from a “strong sell” rating to a “sell” rating in a research note on Sunday, October 4th. Finally, UBS Group boosted their price objective on shares of Kodiak Sciences from $80.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, September 28th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Kodiak Sciences currently has an average rating of “Moderate Buy” and a consensus target price of $104.71.

Kodiak Sciences Stock Up 5.4%

The company has a market capitalization of $5.37 billion, a PE ratio of -20.41 and a beta of 2.03. The company’s 50 day moving average is $51.74 and its two-hundred day moving average is $43.65.

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

Insider Buying and Selling

In related news, Director Bros. Advisors Lp Baker purchased 807,840 shares of the business’s stock in a transaction dated Monday, September 28th. The shares were purchased at an average cost of $72.57 per share, for a total transaction of $58,624,948.80. Following the completion of the acquisition, the director owned 19,121,134 shares in the company, valued at approximately $1,387,620,694.38. This trade represents a 4.41% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders acquired 1,941,755 shares of company stock valued at $156,986,026. Corporate insiders own 44.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE purchased a new stake in shares of Kodiak Sciences in the second quarter valued at about $14,949,000. Bank of New York Mellon Corp acquired a new stake in Kodiak Sciences in the 2nd quarter valued at approximately $4,361,000. Squarepoint Ops LLC grew its stake in shares of Kodiak Sciences by 112.6% in the second 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 increased its stake in Kodiak Sciences by 26.1% during the second quarter. Algert Global LLC now owns 186,476 shares of the company’s stock worth $7,265,000 after purchasing an additional 38,546 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Kodiak Sciences by 31.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 120,629 shares of the company’s stock worth $4,598,000 after buying an additional 29,121 shares during the period. Institutional investors own 89.06% of the company’s stock.

About Kodiak Sciences

Kodiak Sciences Inc (NASDAQ: KOD) is a clinical-stage biopharmaceutical company focused on developing medicines for serious retinal diseases. The company’s research is centered on its Antibody Biopolymer Conjugate (ABC) platform, which is designed to combine antibody-based therapies with biopolymer technology to potentially extend the duration of treatment in the eye.

Kodiak’s lead programs have focused on ophthalmic diseases involving abnormal blood-vessel growth or leakage, including wet age-related macular degeneration, diabetic macular edema and retinal vein occlusion.