Kindred Biosciences, Inc. (KIN) Rating Increased to Buy at Zacks Investment Research
Kindred Biosciences, Inc. (NASDAQ:KIN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm presently has a $8.50 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.58% from the stock’s current price.
According to Zacks, “Kindred Biosciences is a development-stage biopharmaceutical company focused on saving and improving the lives of pets. Its mission is to bring to pets the same kinds of safe and effective medicines that human family members enjoy. The Company’s strategy is to identify compounds and targets that have already demonstrated safety and efficacy in humans and to develop therapeutics based on these validated compounds and targets for dogs, cats and horses. The Company has a deep pipeline of novel drugs and biologics in development across many therapeutic classes. “
KIN has been the subject of a number of other reports. BMO Capital Markets reiterated a “hold” rating and issued a $8.00 price target on shares of Kindred Biosciences in a research report on Monday, May 15th. ValuEngine upgraded shares of Kindred Biosciences from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. FBR & Co reiterated a “buy” rating on shares of Kindred Biosciences in a research report on Wednesday, May 31st. Finally, Aegis assumed coverage on shares of Kindred Biosciences in a research report on Friday, June 16th. They issued a “buy” rating and a $10.50 price target for the company. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $8.90.
Kindred Biosciences (NASDAQ:KIN) opened at 7.55 on Wednesday. The company’s 50-day moving average price is $7.31 and its 200 day moving average price is $7.12. The company’s market capitalization is $210.17 million. Kindred Biosciences has a 52 week low of $3.90 and a 52 week high of $9.65.
Kindred Biosciences (NASDAQ:KIN) last issued its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.29) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.33) by $0.04. On average, analysts predict that Kindred Biosciences will post ($1.27) EPS for the current year.
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In related news, insider Richard Chin sold 13,000 shares of Kindred Biosciences stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $8.26, for a total value of $107,380.00. Following the transaction, the insider now directly owns 2,297,546 shares of the company’s stock, valued at $18,977,729.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Park West Asset Management Llc acquired 600,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 12th. The stock was purchased at an average cost of $7.50 per share, for a total transaction of $4,500,000.00. The disclosure for this purchase can be found here. 19.10% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the stock. California State Teachers Retirement System bought a new position in Kindred Biosciences in the second quarter valued at approximately $321,000. The Manufacturers Life Insurance Company increased its stake in Kindred Biosciences by 18,470.3% in the second quarter. The Manufacturers Life Insurance Company now owns 18,756 shares of the biopharmaceutical company’s stock valued at $161,000 after acquiring an additional 18,655 shares during the last quarter. State Street Corp bought a new position in Kindred Biosciences in the second quarter valued at approximately $2,209,000. PDT Partners LLC bought a new position in Kindred Biosciences in the second quarter valued at approximately $254,000. Finally, Wolverine Trading LLC increased its stake in Kindred Biosciences by 203.8% in the second quarter. Wolverine Trading LLC now owns 37,054 shares of the biopharmaceutical company’s stock valued at $343,000 after acquiring an additional 24,856 shares during the last quarter. 60.37% of the stock is currently owned by institutional investors and hedge funds.
About Kindred Biosciences
Kindred Biosciences, Inc is a development-stage biopharmaceutical company. The Company is focused on developing therapies for pets. The Company’s product pipeline consists of small molecules and biologics for a range of indications in dogs, cats and horses. The Company is developing product candidates for over 20 indications and focused on small molecule products and canine and feline biologics products.
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