Kodiak Sciences (NASDAQ:KOD) Issues Quarterly Earnings Results, Misses Expectations By $0.09 EPS

Kodiak Sciences (NASDAQ:KOD) posted its quarterly earnings results on Thursday. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.96) by ($0.09), Zacks reports.

Kodiak Sciences Price Performance

Shares of NASDAQ:KOD traded down $3.43 during trading on Thursday, reaching $39.98. 814,038 shares of the company’s stock traded hands, compared to its average volume of 521,858. Kodiak Sciences has a 12 month low of $8.29 and a 12 month high of $47.84. The company has a 50 day moving average of $38.78 and a 200-day moving average of $34.80.

Analysts Set New Price Targets

KOD has been the subject of several research analyst reports. Wall Street Zen raised shares of Kodiak Sciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Chardan Capital raised shares of Kodiak Sciences from a “neutral” rating to a “buy” rating and increased their price target for the stock from $14.00 to $61.00 in a research report on Monday, May 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kodiak Sciences in a research note on Friday, July 10th. Finally, JPMorgan Chase & Co. boosted their price objective on Kodiak Sciences from $56.00 to $66.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.14.

Hedge Funds Weigh In On Kodiak Sciences

A number of large investors have recently bought and sold shares of the business. Headlands Technologies LLC grew its holdings in shares of Kodiak Sciences by 256.4% during the second quarter. Headlands Technologies LLC now owns 8,083 shares of the company’s stock valued at $30,000 after purchasing an additional 5,815 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Kodiak Sciences in the 1st quarter worth approximately $94,000. BNP Paribas Financial Markets boosted its position in Kodiak Sciences by 89.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 6,373 shares of the company’s stock valued at $104,000 after purchasing an additional 3,009 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in Kodiak Sciences during the 4th quarter valued at approximately $119,000. Finally, Jane Street Group LLC grew its stake in Kodiak Sciences by 441.3% during the 1st quarter. Jane Street Group LLC now owns 64,649 shares of the company’s stock worth $181,000 after buying an additional 52,705 shares during the last quarter. 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.