Kodiak Sciences (NASDAQ:KOD) Issues Earnings Results

Kodiak Sciences (NASDAQ:KOD) posted its earnings results on Wednesday. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.96) by ($0.09), Zacks reports.

Kodiak Sciences Stock Up 2.9%

KOD traded up $1.17 during trading hours on Friday, hitting $41.15. The stock had a trading volume of 231,829 shares, compared to its average volume of 854,833. Kodiak Sciences has a 1 year low of $8.29 and a 1 year high of $47.84. The company’s fifty day simple moving average is $38.90 and its 200 day simple moving average is $34.90. The stock has a market cap of $2.57 billion, a PE ratio of -9.83 and a beta of 2.21.

Hedge Funds Weigh In On Kodiak Sciences

Several large investors have recently modified their holdings of the business. AQR Capital Management LLC purchased a new position in shares of Kodiak Sciences in the first quarter valued at $188,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Kodiak Sciences during the first quarter valued at about $94,000. Jane Street Group LLC increased its position in shares of Kodiak Sciences by 441.3% during the first quarter. Jane Street Group LLC now owns 64,649 shares of the company’s stock valued at $181,000 after buying an additional 52,705 shares during the period. American Century Companies Inc. lifted its holdings in shares of Kodiak Sciences by 6.3% in the second quarter. American Century Companies Inc. now owns 79,745 shares of the company’s stock worth $297,000 after buying an additional 4,703 shares in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Kodiak Sciences by 190.7% in the second quarter. Federated Hermes Inc. now owns 244,231 shares of the company’s stock worth $911,000 after buying an additional 160,225 shares in the last quarter. Hedge funds and other institutional investors own 89.06% of the company’s stock.

Wall Street Analyst Weigh In

KOD has been the topic of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Kodiak Sciences in a research note on Friday, July 10th. Wall Street Zen upgraded Kodiak Sciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Chardan Capital raised Kodiak Sciences from a “neutral” rating to a “buy” rating and upped their price target for the stock from $14.00 to $61.00 in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. boosted their price objective on Kodiak Sciences from $56.00 to $66.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.14.

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.