Kodiak Sciences (NASDAQ:KOD) Stock Price Down 5.8% – Here’s What Happened

Kodiak Sciences Inc. (NASDAQ:KOD) shares fell 5.8% on Friday . The stock traded as low as $26.38 and last traded at $26.35. 103,433 shares traded hands during trading, a decline of 90% from the average session volume of 1,014,588 shares. The stock had previously closed at $27.96.

Analyst Ratings Changes

Several equities research analysts recently commented on KOD shares. Jefferies Financial Group began coverage on shares of Kodiak Sciences in a research report on Monday, September 22nd. They issued a “buy” rating and a $15.00 price objective on the stock. Lifesci Capital started coverage on shares of Kodiak Sciences in a report on Thursday, October 23rd. They issued an “outperform” rating and a $40.00 price target on the stock. Barclays raised shares of Kodiak Sciences from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $7.00 to $17.00 in a research note on Thursday, September 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Kodiak Sciences in a research note on Wednesday, October 8th. Finally, Wall Street Zen downgraded Kodiak Sciences from a “hold” rating to a “sell” rating in a research report on Saturday, October 11th. 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 company’s stock. According to MarketBeat, Kodiak Sciences presently has a consensus rating of “Hold” and an average target price of $22.67.

Kodiak Sciences Stock Performance

The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -6.18 and a beta of 2.66. The company has a fifty day simple moving average of $22.80 and a two-hundred day simple moving average of $13.87.

Kodiak Sciences (NASDAQ:KOD) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($1.16) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.09). As a group, analysts expect that Kodiak Sciences Inc. will post -3.45 EPS for the current year.

Insiders Place Their Bets

In related news, Director Bros. Advisors Lp Baker purchased 2,608,696 shares of the business’s stock in a transaction on Thursday, December 18th. The shares were bought at an average price of $23.00 per share, with a total value of $60,000,008.00. Following the completion of the purchase, the director directly owned 18,358,772 shares in the company, valued at approximately $422,251,756. This trade represents a 16.56% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 45.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Kodiak Sciences

A number of institutional investors and hedge funds have recently made changes to their positions in KOD. Vestal Point Capital LP acquired a new stake in shares of Kodiak Sciences during the third quarter valued at about $4,092,000. Millennium Management LLC boosted its holdings in Kodiak Sciences by 210.5% in the third quarter. Millennium Management LLC now owns 155,255 shares of the company’s stock valued at $2,542,000 after purchasing an additional 105,255 shares during the last quarter. Fred Alger Management LLC acquired a new stake in Kodiak Sciences during the 3rd quarter valued at approximately $2,264,000. Bank of America Corp DE increased its holdings in Kodiak Sciences by 657.7% during the 3rd quarter. Bank of America Corp DE now owns 309,071 shares of the company’s stock worth $5,059,000 after purchasing an additional 268,281 shares during the last quarter. Finally, Boone Capital Management LLC purchased a new stake in Kodiak Sciences during the 3rd quarter worth approximately $11,719,000. 89.06% of the stock is currently owned by institutional investors and hedge funds.

About Kodiak Sciences

Kodiak Sciences, Inc is a clinical‐stage biopharmaceutical company headquartered in Palo Alto, California, that focuses on the discovery and development of novel therapies for retinal diseases. The company’s proprietary technology centers on antibody biopolymer conjugates (ABCs), which are designed to extend durability, enhance tissue penetration and improve the safety profile of existing therapeutic modalities. Kodiak’s research and development efforts target conditions such as wet age-related macular degeneration (wet AMD), diabetic macular edema (DME) and other serious ophthalmic disorders.

The lead product candidate in Kodiak’s pipeline is KSI-301, an anti-VEGF antibody biopolymer conjugate administered via intravitreal injection.