Kodiak Sciences (NASDAQ:KOD) Shares Down 7.5% – Time to Sell?

Shares of Kodiak Sciences Inc. (NASDAQ:KOD) dropped 7.5% during trading on Friday . The stock traded as low as $10.08 and last traded at $10.08. Approximately 212,886 shares traded hands during trading, a decline of 55% from the average daily volume of 476,958 shares. The stock had previously closed at $10.90.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Barclays upped their price target on shares of Kodiak Sciences from $3.00 to $4.00 and gave the company an “underweight” rating in a report on Friday, November 15th. Jefferies Financial Group upgraded shares of Kodiak Sciences from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Monday, December 9th. Finally, HC Wainwright reiterated a “neutral” rating and set a $3.00 price target on shares of Kodiak Sciences in a report on Friday, November 15th.

Kodiak Sciences Stock Performance

The stock has a market capitalization of $535.15 million, a price-to-earnings ratio of -2.79 and a beta of 2.38. The business has a 50-day moving average of $6.37 and a 200-day moving average of $3.95.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP acquired a new stake in shares of Kodiak Sciences in the 3rd quarter worth approximately $751,000. Acadian Asset Management LLC raised its holdings in shares of Kodiak Sciences by 14.1% in the second quarter. Acadian Asset Management LLC now owns 1,965,449 shares of the company’s stock worth $4,614,000 after acquiring an additional 242,559 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Kodiak Sciences by 21.9% in the second quarter. Renaissance Technologies LLC now owns 708,800 shares of the company’s stock valued at $1,666,000 after acquiring an additional 127,400 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in shares of Kodiak Sciences during the second quarter valued at $207,000. Finally, RIA Advisory Group LLC purchased a new stake in Kodiak Sciences during the 3rd quarter worth about $191,000. 89.06% of the stock is currently owned by institutional investors and hedge funds.

Kodiak Sciences Company Profile

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.