Kodiak Sciences (NASDAQ:KOD) Shares Up 9.8% – Here’s What Happened

Kodiak Sciences Inc. (NASDAQ:KOD) shares rose 9.8% during mid-day trading on Friday . The stock traded as high as $43.94 and last traded at $44.3650. Approximately 208,824 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 1,043,464 shares. The stock had previously closed at $40.41.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $58.00 price target (up from $38.00) on shares of Kodiak Sciences in a research note on Friday, March 27th. UBS Group raised their price objective on shares of Kodiak Sciences from $50.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, March 27th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Kodiak Sciences in a research note on Thursday, January 22nd. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Kodiak Sciences currently has a consensus rating of “Moderate Buy” and an average price target of $35.43.

Kodiak Sciences Price Performance

The stock has a market cap of $2.78 billion, a PE ratio of -10.39 and a beta of 2.39. The company has a 50 day moving average price of $30.04 and a two-hundred day moving average price of $24.93.

Kodiak Sciences (NASDAQ:KOD) last released its quarterly earnings data on Tuesday, March 31st. The company reported ($1.04) EPS for the quarter, missing the consensus estimate of ($1.02) by ($0.02). As a group, equities analysts predict that Kodiak Sciences Inc. will post -3.45 earnings per share for the current fiscal year.

Institutional Trading of Kodiak Sciences

A number of institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its stake in shares of Kodiak Sciences by 1,221.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 991 shares of the company’s stock worth $28,000 after acquiring an additional 916 shares during the period. GF Fund Management CO. LTD. purchased a new stake in Kodiak Sciences in the fourth quarter worth approximately $29,000. Headlands Technologies LLC boosted its holdings in Kodiak Sciences by 256.4% in the second 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 last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Kodiak Sciences in the 4th quarter worth approximately $72,000. Finally, Strs Ohio bought a new stake in Kodiak Sciences in the 4th quarter worth approximately $87,000. Hedge funds and other institutional investors own 89.06% of the company’s stock.

Kodiak Sciences Company Profile

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.