Kodiak Sciences (NASDAQ:KOD) Stock Price Down 7.8% – What’s Next?

Kodiak Sciences Inc. (NASDAQ:KOD)’s stock price traded down 7.8% during mid-day trading on Monday . The stock traded as low as $34.75 and last traded at $34.1020. 852,125 shares were traded during trading, a decline of 13% from the average session volume of 978,176 shares. The stock had previously closed at $37.00.

Analyst Ratings Changes

KOD has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Kodiak Sciences in a report on Thursday, January 22nd. UBS Group boosted their price objective on Kodiak Sciences from $50.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, March 27th. Finally, HC Wainwright restated a “buy” rating and issued a $58.00 target price (up from $38.00) on shares of Kodiak Sciences in a research note on Friday, March 27th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $35.43.

Kodiak Sciences Stock Up 11.7%

The firm’s 50-day moving average is $25.50 and its 200-day moving average is $22.35. The company has a market capitalization of $2.26 billion, a PE ratio of -10.37 and a beta of 2.61.

Kodiak Sciences (NASDAQ:KOD) last released its quarterly earnings results on Tuesday, March 31st. The company reported ($1.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.02). As a group, equities research analysts predict that Kodiak Sciences Inc. will post -3.45 EPS for the current year.

Hedge Funds Weigh In On Kodiak Sciences

A number of large investors have recently modified their holdings of the company. Baker BROS. Advisors LP grew its position in Kodiak Sciences by 15.1% during the fourth quarter. Baker BROS. Advisors LP now owns 19,919,186 shares of the company’s stock valued at $556,940,000 after acquiring an additional 2,608,696 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Kodiak Sciences by 18.6% in the 4th quarter. Vanguard Group Inc. now owns 2,313,395 shares of the company’s stock worth $64,683,000 after acquiring an additional 363,103 shares during the last quarter. Braidwell LP bought a new stake in shares of Kodiak Sciences in the 4th quarter worth approximately $57,955,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of Kodiak Sciences by 55.1% in the 2nd 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 in the last quarter. Finally, State Street Corp boosted its stake in shares of Kodiak Sciences by 108.1% in the 4th quarter. State Street Corp now owns 1,732,015 shares of the company’s stock valued at $48,427,000 after purchasing an additional 899,572 shares in the last quarter. 89.06% of the stock is owned by hedge funds and other institutional investors.

Kodiak Sciences Company Profile

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.