Kodiak Sciences (NASDAQ:KOD) Announces Earnings Results

Kodiak Sciences (NASDAQ:KOD) issued its quarterly earnings results on Thursday. The company reported ($1.16) earnings per share for the quarter, missing the consensus estimate of ($1.07) by ($0.09), FiscalAI reports.

Kodiak Sciences Stock Performance

NASDAQ:KOD traded up $0.64 during mid-day trading on Friday, hitting $19.51. The stock had a trading volume of 684,230 shares, compared to its average volume of 916,419. Kodiak Sciences has a twelve month low of $1.92 and a twelve month high of $21.17. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -4.74 and a beta of 2.88. The company’s 50 day simple moving average is $15.15 and its 200 day simple moving average is $8.96.

Institutional Trading of Kodiak Sciences

A number of hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC acquired a new position in shares of Kodiak Sciences during the 1st quarter worth approximately $188,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Kodiak Sciences in the first quarter valued at $94,000. Jane Street Group LLC increased its holdings in shares of Kodiak Sciences by 441.3% in the first quarter. Jane Street Group LLC now owns 64,649 shares of the company’s stock valued at $181,000 after purchasing an additional 52,705 shares during the last quarter. American Century Companies Inc. raised its position 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 valued at $297,000 after purchasing an additional 4,703 shares during the period. Finally, Federated Hermes Inc. lifted its stake in shares of Kodiak Sciences by 190.7% during the 2nd quarter. Federated Hermes Inc. now owns 244,231 shares of the company’s stock worth $911,000 after buying an additional 160,225 shares during the last quarter. 89.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. JPMorgan Chase & Co. upgraded shares of Kodiak Sciences from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $15.00 to $24.00 in a report on Friday, October 24th. Weiss Ratings restated a “sell (e+)” rating on shares of Kodiak Sciences in a research note on Wednesday, October 8th. Jefferies Financial Group initiated coverage on Kodiak Sciences in a report on Monday, September 22nd. They issued a “buy” rating and a $15.00 price objective for the company. HC Wainwright upgraded Kodiak Sciences from a “neutral” rating to a “buy” rating and upped their target price for the stock from $5.00 to $24.00 in a report on Tuesday. Finally, Chardan Capital restated a “neutral” rating and issued a $14.00 price target on shares of Kodiak Sciences in a research note on Monday, October 6th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $22.33.

About Kodiak Sciences

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.