ICONIQ Capital LLC Takes $49.34 Million Position in Kodiak Sciences Inc. $KOD

ICONIQ Capital LLC purchased a new stake in shares of Kodiak Sciences Inc. (NASDAQ:KOD) during the second quarter, Holdings Channel reports. The institutional investor purchased 1,266,563 shares of the company’s stock, valued at approximately $49,345,000. Kodiak Sciences makes up approximately 1.4% of ICONIQ Capital LLC’s portfolio, making the stock its 11th biggest position.

Several other institutional investors and hedge funds also recently bought and sold shares of KOD. BlackRock Inc. purchased a new position in shares of Kodiak Sciences in the second quarter valued at $161,113,000. Baker BROS. Advisors LP lifted its holdings in Kodiak Sciences by 15.1% during the 4th quarter. Baker BROS. Advisors LP now owns 19,919,186 shares of the company’s stock worth $556,940,000 after purchasing an additional 2,608,696 shares in the last quarter. Braidwell LP bought a new position in Kodiak Sciences in the 4th quarter worth about $57,955,000. RTW Investments LP bought a new position in Kodiak Sciences in the 4th quarter worth about $41,603,000. Finally, Janus Henderson Group PLC purchased a new position in Kodiak Sciences during the 4th quarter valued at about $27,950,000. 89.06% of the stock is owned by institutional investors.

Kodiak Sciences Price Performance

Shares of NASDAQ:KOD opened at $38.33 on Monday. The stock’s 50-day moving average is $39.90 and its 200 day moving average is $35.55. The company has a market cap of $2.41 billion, a PE ratio of -9.15 and a beta of 2.21. Kodiak Sciences Inc. has a 1 year low of $8.29 and a 1 year high of $47.84.

Kodiak Sciences (NASDAQ:KOD) last posted its earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.96) by ($0.09). Analysts expect that Kodiak Sciences Inc. will post -3.83 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on KOD. Wall Street Zen downgraded shares of Kodiak Sciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kodiak Sciences in a report on Friday, July 10th. HC Wainwright reiterated a “buy” rating and issued a $58.00 price objective on shares of Kodiak Sciences in a research report on Monday, August 17th. Chardan Capital raised Kodiak Sciences from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $14.00 to $61.00 in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. lifted their price objective on Kodiak Sciences from $56.00 to $66.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Six equities research 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.com, Kodiak Sciences presently has a consensus rating of “Moderate Buy” and an average target price of $48.14.

Kodiak Sciences 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.