Kodiak Sciences (NASDAQ:KOD) Shares Gap Down – Time to Sell?

Kodiak Sciences Inc. (NASDAQ:KOD)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $39.98, but opened at $37.40. Kodiak Sciences shares last traded at $40.11, with a volume of 106,303 shares trading hands.

Analysts Set New Price Targets

KOD has been the subject of a number of research reports. Wall Street Zen upgraded Kodiak Sciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. JPMorgan Chase & Co. upped their target price on Kodiak Sciences from $56.00 to $66.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Kodiak Sciences in a research report on Friday, July 10th. Finally, 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. 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.14.

Kodiak Sciences Stock Up 1.8%

The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of -9.79 and a beta of 2.21. The stock’s 50 day moving average price is $38.90 and its two-hundred day moving average price is $34.90.

Kodiak Sciences (NASDAQ:KOD) last announced its quarterly earnings data 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). On average, equities analysts expect that Kodiak Sciences Inc. will post -3.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Kodiak Sciences

Several institutional investors have recently made changes to their positions in KOD. BlackRock Inc. bought a new stake in shares of Kodiak Sciences in the 2nd quarter valued at approximately $161,113,000. Baker BROS. Advisors LP raised its position in Kodiak Sciences by 15.1% during the fourth quarter. Baker BROS. Advisors LP now owns 19,919,186 shares of the company’s stock valued at $556,940,000 after acquiring an additional 2,608,696 shares in the last quarter. Braidwell LP bought a new position in Kodiak Sciences during the fourth quarter valued at approximately $57,955,000. RTW Investments LP acquired a new stake in Kodiak Sciences in the fourth quarter valued at approximately $41,603,000. Finally, ICONIQ Capital LLC acquired a new stake in Kodiak Sciences in the second quarter valued at approximately $49,345,000. 89.06% of the stock is currently owned by institutional investors and hedge funds.

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.