Kindred Biosciences, Inc. (NASDAQ:KIN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Kindred Biosciences is a development-stage biopharmaceutical company focused on saving and improving the lives of pets. Its mission is to bring to pets the same kinds of safe and effective medicines that human family members enjoy. The Company’s strategy is to identify compounds and targets that have already demonstrated safety and efficacy in humans and to develop therapeutics based on these validated compounds and targets for dogs, cats and horses. The Company has a deep pipeline of novel drugs and biologics in development across many therapeutic classes. “
Separately, Aegis began coverage on Kindred Biosciences in a research note on Friday, June 16th. They set a “buy” rating and a $10.50 price objective for the company. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Kindred Biosciences has a consensus rating of “Buy” and a consensus price target of $8.85.
Shares of Kindred Biosciences (KIN) opened at 8.10 on Wednesday. The firm’s 50-day moving average price is $7.56 and its 200-day moving average price is $7.36. The stock’s market capitalization is $225.48 million. Kindred Biosciences has a 52-week low of $3.90 and a 52-week high of $9.65.
Kindred Biosciences (NASDAQ:KIN) last issued its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.04. Equities analysts forecast that Kindred Biosciences will post ($1.27) earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of KIN. Park West Asset Management LLC boosted its position in Kindred Biosciences by 120.5% during the first quarter. Park West Asset Management LLC now owns 4,386,404 shares of the biopharmaceutical company’s stock valued at $30,924,000 after purchasing an additional 2,397,320 shares during the last quarter. AJO LP acquired a new stake in Kindred Biosciences during the second quarter valued at $2,407,000. Vanguard Group Inc. boosted its position in Kindred Biosciences by 57.7% during the second quarter. Vanguard Group Inc. now owns 745,322 shares of the biopharmaceutical company’s stock valued at $6,410,000 after purchasing an additional 272,612 shares during the last quarter. State Street Corp acquired a new stake in Kindred Biosciences during the second quarter valued at $2,209,000. Finally, Morgan Stanley boosted its position in Kindred Biosciences by 12.6% during the first quarter. Morgan Stanley now owns 2,027,560 shares of the biopharmaceutical company’s stock valued at $14,294,000 after purchasing an additional 226,822 shares during the last quarter. 60.37% of the stock is owned by institutional investors and hedge funds.
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.
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