Kodiak Sciences (NASDAQ:KOD) Shares Gap Down – Here’s Why

Kodiak Sciences Inc. (NASDAQ:KOD)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $23.02, but opened at $21.69. Kodiak Sciences shares last traded at $22.5450, with a volume of 263,534 shares trading hands.

Analyst Ratings Changes

KOD has been the topic of several recent research reports. HC Wainwright raised their target price on shares of Kodiak Sciences from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Jefferies Financial Group assumed coverage on shares of Kodiak Sciences in a report on Monday, September 22nd. They issued a “buy” rating and a $15.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Kodiak Sciences in a report on Wednesday, October 8th. JPMorgan Chase & Co. upgraded shares of Kodiak Sciences from a “neutral” rating to an “overweight” rating and upped their target price for the company from $15.00 to $24.00 in a research report on Friday, October 24th. Finally, Barclays upgraded Kodiak Sciences from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $7.00 to $17.00 in a research report on Thursday, September 25th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Kodiak Sciences has an average rating of “Hold” and a consensus target price of $22.67.

Kodiak Sciences Stock Performance

The firm has a market cap of $1.23 billion, a P/E ratio of -5.61 and a beta of 2.68. The stock’s 50-day moving average is $19.40 and its 200 day moving average is $11.81.

Kodiak Sciences (NASDAQ:KOD) last posted its earnings results on Thursday, November 13th. The company reported ($1.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.09). On average, research analysts anticipate that Kodiak Sciences Inc. will post -3.45 EPS for the current year.

Institutional Trading of Kodiak Sciences

Several hedge funds have recently bought and sold shares of the stock. US Bancorp DE boosted its holdings in shares of Kodiak Sciences by 131.7% in the first quarter. US Bancorp DE now owns 9,282 shares of the company’s stock valued at $26,000 after buying an additional 5,276 shares during the period. Headlands Technologies LLC boosted its stake in Kodiak Sciences by 256.4% in the 2nd quarter. Headlands Technologies LLC now owns 8,083 shares of the company’s stock worth $30,000 after purchasing an additional 5,815 shares during the period. Walleye Capital LLC bought a new position in Kodiak Sciences during the 1st quarter worth about $49,000. Vanguard Personalized Indexing Management LLC increased its holdings in Kodiak Sciences by 21.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 15,070 shares of the company’s stock worth $56,000 after purchasing an additional 2,691 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Kodiak Sciences by 729.9% in the 1st quarter. Russell Investments Group Ltd. now owns 21,039 shares of the company’s stock valued at $59,000 after purchasing an additional 18,504 shares during the period. 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.