Kodiak Sciences (NASDAQ:KOD) Trading 8.3% Higher – Here’s Why

Kodiak Sciences Inc. (NASDAQ:KOD)’s share price was up 8.3% during trading on Tuesday . The company traded as high as $36.89 and last traded at $36.4540. Approximately 338,742 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 992,208 shares. The stock had previously closed at $33.66.

Analysts Set New Price Targets

KOD has been the subject of a number of recent research reports. HC Wainwright restated a “buy” rating and set a $58.00 price target (up from $38.00) on shares of Kodiak Sciences in a research note on Friday. UBS Group lifted their price objective on shares of Kodiak Sciences from $50.00 to $80.00 and gave the company a “buy” rating in a report on Friday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Kodiak Sciences in a research report on Thursday, January 22nd. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.43.

Kodiak Sciences Stock Up 16.7%

The company has a 50-day moving average of $25.27 and a 200-day moving average of $22.14. The company has a market cap of $2.08 billion, a PE ratio of -9.48 and a beta of 2.61.

Institutional Trading of Kodiak Sciences

Several institutional investors have recently made changes to their positions in the company. Boone Capital Management LLC purchased a new position in Kodiak Sciences in the third quarter worth $11,719,000. TD Asset Management Inc purchased a new position in shares of Kodiak Sciences in the 3rd quarter worth about $992,000. Campbell & CO Investment Adviser LLC bought a new position in Kodiak Sciences during the third quarter valued at about $488,000. Panagora Asset Management Inc. increased its holdings in Kodiak Sciences by 28.5% during the second quarter. Panagora Asset Management Inc. now owns 131,122 shares of the company’s stock worth $489,000 after buying an additional 29,113 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in Kodiak Sciences during the third quarter worth about $204,000. Institutional investors own 89.06% of the company’s stock.

About Kodiak Sciences

Kodiak Sciences, Inc is a clinical‐stage biopharmaceutical company headquartered in Palo Alto, California, that focuses on the discovery and development of novel therapies for retinal diseases. The company’s proprietary technology centers on antibody biopolymer conjugates (ABCs), which are designed to extend durability, enhance tissue penetration and improve the safety profile of existing therapeutic modalities. Kodiak’s research and development efforts target conditions such as wet age-related macular degeneration (wet AMD), diabetic macular edema (DME) and other serious ophthalmic disorders.

The lead product candidate in Kodiak’s pipeline is KSI-301, an anti-VEGF antibody biopolymer conjugate administered via intravitreal injection.