Kinnate Biopharma Inc. (NASDAQ:KNTE) Short Interest Down 43.6% in March

Kinnate Biopharma Inc. (NASDAQ:KNTE) saw a large decrease in short interest in March. As of March 15th, there was short interest totalling 465,600 shares, a decrease of 43.6% from the February 29th total of 825,000 shares. Approximately 2.0% of the company’s shares are short sold. Based on an average daily volume of 381,000 shares, the short-interest ratio is currently 1.2 days.

Analyst Ratings Changes

KNTE has been the subject of a number of recent analyst reports. Wedbush reiterated a “neutral” rating and set a $2.00 price target on shares of Kinnate Biopharma in a report on Wednesday, January 17th. William Blair lowered shares of Kinnate Biopharma from an “outperform” rating to a “market perform” rating in a report on Friday, February 16th. Finally, Stifel Nicolaus upped their price target on shares of Kinnate Biopharma to $2.59 and gave the company a “hold” rating in a report on Monday, February 26th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Kinnate Biopharma presently has a consensus rating of “Hold” and an average target price of $11.72.

Kinnate Biopharma Stock Performance

Shares of Kinnate Biopharma stock traded up $0.02 during trading on Thursday, hitting $2.68. The company’s stock had a trading volume of 19,674 shares, compared to its average volume of 363,985. Kinnate Biopharma has a 52 week low of $1.04 and a 52 week high of $7.18. The company has a fifty day simple moving average of $2.47 and a two-hundred day simple moving average of $2.07. The company has a market capitalization of $126.25 million, a PE ratio of -0.96 and a beta of 1.36.

Institutional Trading of Kinnate Biopharma

Several institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in shares of Kinnate Biopharma by 20.7% during the 1st quarter. JPMorgan Chase & Co. now owns 21,870 shares of the company’s stock valued at $246,000 after acquiring an additional 3,756 shares during the last quarter. MetLife Investment Management LLC lifted its stake in shares of Kinnate Biopharma by 57.0% in the 1st quarter. MetLife Investment Management LLC now owns 15,585 shares of the company’s stock worth $175,000 after purchasing an additional 5,658 shares during the period. Rhumbline Advisers lifted its stake in shares of Kinnate Biopharma by 6.0% in the 1st quarter. Rhumbline Advisers now owns 32,079 shares of the company’s stock worth $361,000 after purchasing an additional 1,809 shares during the period. BlackRock Inc. lifted its stake in shares of Kinnate Biopharma by 0.4% in the 1st quarter. BlackRock Inc. now owns 2,055,224 shares of the company’s stock worth $23,143,000 after purchasing an additional 8,189 shares during the period. Finally, Ergoteles LLC bought a new position in shares of Kinnate Biopharma in the 1st quarter worth approximately $215,000. 80.89% of the stock is owned by hedge funds and other institutional investors.

About Kinnate Biopharma

Kinnate Biopharma Inc, a clinical-stage oncology company, focuses on the discovery and development of small molecule kinase inhibitors to treat genomically defined cancers in the United States. The company develops KIN-2787, a rapidly accelerated fibrosarcoma inhibitor for the treatment of patients with lung cancer, melanoma, and other solid tumors; KIN-3248 small-molecule kinase inhibitors that target cancer-associated alterations in fibroblast growth factor receptors FGFR2 and FGFR3 genes; and small molecule research programs, including Cyclin-Dependent Kinase 12(CDK12) inhibitor in its KIN004 program.