Kodiak Sciences (NASDAQ:KOD) Stock Price Up 7.9% – Still a Buy?

Shares of Kodiak Sciences Inc. (NASDAQ:KOD) rose 7.9% on Wednesday . The company traded as high as $35.43 and last traded at $35.5350. Approximately 60,533 shares changed hands during trading, a decline of 93% from the average daily volume of 898,928 shares. The stock had previously closed at $32.94.

Wall Street Analysts Forecast Growth

KOD has been the topic of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $58.00 price objective (up from $38.00) on shares of Kodiak Sciences in a research report on Friday, March 27th. UBS Group raised their price target on Kodiak Sciences from $50.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, March 27th. Chardan Capital raised Kodiak Sciences from a “neutral” rating to a “buy” rating and raised their price target for the stock from $14.00 to $61.00 in a report on Monday, May 11th. Finally, Wall Street Zen raised Kodiak Sciences from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Kodiak Sciences presently has an average rating of “Moderate Buy” and an average price target of $42.14.

Kodiak Sciences Price Performance

The firm has a market cap of $2.28 billion, a price-to-earnings ratio of -8.70 and a beta of 2.21. The firm has a fifty day simple moving average of $39.01 and a two-hundred day simple moving average of $30.80.

Kodiak Sciences (NASDAQ:KOD) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.01). Equities analysts anticipate that Kodiak Sciences Inc. will post -3.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Westfuller Advisors LLC purchased a new position in shares of Kodiak Sciences in the first quarter worth about $26,000. V Square Quantitative Management LLC purchased a new position in shares of Kodiak Sciences in the first quarter worth about $26,000. EverSource Wealth Advisors LLC raised 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 purchasing an additional 916 shares during the last quarter. KBC Group NV purchased a new position in shares of Kodiak Sciences in the first quarter worth about $39,000. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Kodiak Sciences in the fourth quarter worth about $29,000. 89.06% of the stock is currently owned by hedge funds and other institutional investors.

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.