Kindred Biosciences, Inc. (NASDAQ:KIN) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Kindred Biosciences, Inc. (NASDAQ:KIN) posted its quarterly earnings data on Monday. The biopharmaceutical company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.04, Bloomberg Earnings reports.

Kindred Biosciences (KIN) traded down 1.36% during mid-day trading on Tuesday, reaching $7.25. 80,925 shares of the company were exchanged. The company’s 50 day moving average price is $7.85 and its 200-day moving average price is $6.97. Kindred Biosciences has a 12-month low of $3.86 and a 12-month high of $9.65. The stock’s market capitalization is $169.00 million.

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In other Kindred Biosciences news, major shareholder Park West Asset Management Llc purchased 600,000 shares of the stock in a transaction that occurred on Wednesday, July 12th. The shares were acquired at an average cost of $7.50 per share, with a total value of $4,500,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard Chin sold 13,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $8.26, for a total transaction of $107,380.00. Following the transaction, the insider now directly owns 2,297,546 shares in the company, valued at $18,977,729.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 770,387 shares of company stock worth $5,660,987. 19.10% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in Kindred Biosciences by 6.0% in the fourth quarter. Renaissance Technologies LLC now owns 351,600 shares of the biopharmaceutical company’s stock worth $1,494,000 after buying an additional 20,000 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Kindred Biosciences by 5,283.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,334,953 shares of the biopharmaceutical company’s stock worth $5,674,000 after buying an additional 1,310,155 shares in the last quarter. Morgan Stanley raised its position in Kindred Biosciences by 12.6% in the first quarter. Morgan Stanley now owns 2,027,560 shares of the biopharmaceutical company’s stock worth $14,294,000 after buying an additional 226,822 shares in the last quarter. Park West Asset Management LLC raised its position in Kindred Biosciences by 120.5% in the first quarter. Park West Asset Management LLC now owns 4,386,404 shares of the biopharmaceutical company’s stock worth $30,924,000 after buying an additional 2,397,320 shares in the last quarter. Finally, Acadian Asset Management LLC raised its position in Kindred Biosciences by 51.6% in the first quarter. Acadian Asset Management LLC now owns 29,759 shares of the biopharmaceutical company’s stock worth $210,000 after buying an additional 10,134 shares in the last quarter. 51.91% of the stock is currently owned by institutional investors and hedge funds.

KIN has been the topic of a number of analyst reports. FBR & Co initiated coverage on shares of Kindred Biosciences in a research note on Wednesday, May 24th. They issued an “outperform” rating and a $10.00 target price on the stock. Zacks Investment Research raised shares of Kindred Biosciences from a “hold” rating to a “buy” rating and set a $7.50 target price on the stock in a research note on Friday, June 2nd. Aegis initiated coverage on shares of Kindred Biosciences in a research note on Friday, June 16th. They issued a “buy” rating and a $10.50 target price on the stock. ValuEngine raised shares of Kindred Biosciences from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, BMO Capital Markets reissued a “hold” rating and issued a $8.00 target price on shares of Kindred Biosciences in a research note on Monday, May 15th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Kindred Biosciences currently has a consensus rating of “Buy” and a consensus price target of $8.85.

About Kindred Biosciences

Kindred Biosciences, Inc is a development-stage biopharmaceutical company. The Company is focused on developing therapies for pets. The Company’s product pipeline consists of small molecules and biologics for a range of indications in dogs, cats and horses. The Company is developing product candidates for over 20 indications and focused on small molecule products and canine and feline biologics products.

Earnings History for Kindred Biosciences (NASDAQ:KIN)

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