Kodiak Sciences (NASDAQ:KOD) Stock Price Down 5.7% – Here’s What Happened

Kodiak Sciences Inc. (NASDAQ:KOD)’s share price was down 5.7% during mid-day trading on Wednesday. The company traded as low as $87.32 and last traded at $87.6450. 666,433 shares traded hands during trading, a decline of 42% from the average session volume of 1,142,264 shares. The stock had previously closed at $92.97.

Analyst Ratings Changes

A number of analysts have issued reports on the company. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $103.00 target price on shares of Kodiak Sciences in a research note on Wednesday, September 30th. HC Wainwright upped their price objective on shares of Kodiak Sciences from $96.00 to $126.00 and gave the stock a “buy” rating in a report on Monday, October 12th. JPMorgan Chase & Co. increased their price objective on shares of Kodiak Sciences from $56.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Lifesci Capital upped their price target on Kodiak Sciences from $85.00 to $145.00 and gave the stock an “outperform” rating in a research note on Monday, September 28th. Finally, Weiss Ratings cut Kodiak Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, October 6th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $104.71.

Kodiak Sciences Price Performance

The stock’s 50 day moving average is $55.38 and its two-hundred day moving average is $45.10. The stock has a market capitalization of $5.50 billion, a PE ratio of -20.89 and a beta of 2.03.

Kodiak Sciences (NASDAQ:KOD) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.09). On average, equities analysts predict that Kodiak Sciences Inc. will post -3.97 earnings per share for the current year.

Insider Buying and Selling at Kodiak Sciences

In other news, Director Bros. Advisors Lp Baker acquired 33,726 shares of the firm’s stock in a transaction dated Tuesday, September 29th. The stock was acquired at an average cost of $85.05 per share, with a total value of $2,868,396.30. Following the transaction, the director owned 20,191,214 shares in the company, valued at approximately $1,717,262,750.70. This trade represents a 0.17% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have acquired 1,941,755 shares of company stock valued at $156,986,026. 44.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kodiak Sciences

Several institutional investors have recently added to or reduced their stakes in KOD. V Square Quantitative Management LLC purchased a new stake in shares of Kodiak Sciences during the 1st quarter worth approximately $26,000. Westfuller Advisors LLC purchased a new position in shares of Kodiak Sciences during the first quarter worth about $26,000. KBC Group NV purchased a new position in shares of Kodiak Sciences in the 1st quarter valued at approximately $39,000. EverSource Wealth Advisors LLC increased its stake in Kodiak Sciences by 94.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,927 shares of the company’s stock valued at $73,000 after buying an additional 936 shares during the period. Finally, Cetera Investment Advisers acquired a new position in shares of Kodiak Sciences during the first quarter worth about $228,000. Hedge funds and other institutional investors own 89.06% of the company’s stock.

About Kodiak Sciences

Kodiak Sciences Inc (NASDAQ: KOD) is a clinical-stage biopharmaceutical company focused on developing treatments for retinal diseases. The company’s research centers on therapies designed to address conditions that can cause vision loss, including diabetic macular edema, neovascular age-related macular degeneration and retinal vein occlusion.

Kodiak’s proprietary Antibody Biopolymer Conjugate platform is designed to combine the targeting capabilities of antibody-based medicines with a biodegradable polymer intended to extend the duration of treatment in the eye.