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

Kodiak Sciences (NASDAQ:KOD) announced its quarterly earnings results on Thursday. The company reported ($1.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.07) by ($0.09), FiscalAI reports.

Kodiak Sciences Trading Up 3.4%

Shares of NASDAQ:KOD traded up $0.64 during mid-day trading on Friday, reaching $19.51. The company had a trading volume of 684,230 shares, compared to its average volume of 916,419. Kodiak Sciences has a one year low of $1.92 and a one year high of $21.17. The company’s 50-day moving average price is $15.15 and its 200-day moving average price is $8.96. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -4.74 and a beta of 2.88.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on KOD shares. Barclays upgraded shares of Kodiak Sciences from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $7.00 to $17.00 in a research note on Thursday, September 25th. Lifesci Capital started coverage on shares of Kodiak Sciences in a research report on Thursday, October 23rd. They issued an “outperform” rating and a $40.00 price objective for the company. Wall Street Zen lowered shares of Kodiak Sciences from a “hold” rating to a “sell” rating in a research note on Saturday, October 11th. JPMorgan Chase & Co. raised Kodiak Sciences from a “neutral” rating to an “overweight” rating and upped their target price for the company from $15.00 to $24.00 in a report on Friday, October 24th. Finally, HC Wainwright raised Kodiak Sciences from a “neutral” rating to a “buy” rating and increased their price target for the company from $5.00 to $24.00 in a research report on Tuesday. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Kodiak Sciences presently has an average rating of “Hold” and a consensus price target of $22.33.

Institutional Trading of Kodiak Sciences

Hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC increased its holdings in Kodiak Sciences by 256.4% in the 2nd quarter. Headlands Technologies LLC now owns 8,083 shares of the company’s stock worth $30,000 after acquiring an additional 5,815 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Kodiak Sciences during the first quarter worth about $94,000. BNP Paribas Financial Markets increased its stake in shares of Kodiak Sciences by 89.4% in the third quarter. BNP Paribas Financial Markets now owns 6,373 shares of the company’s stock worth $104,000 after purchasing an additional 3,009 shares in the last quarter. Jane Street Group LLC raised its position in shares of Kodiak Sciences by 441.3% in the first quarter. Jane Street Group LLC now owns 64,649 shares of the company’s stock valued at $181,000 after purchasing an additional 52,705 shares during the period. Finally, AQR Capital Management LLC purchased a new stake in shares of Kodiak Sciences during the 1st quarter valued at approximately $188,000. 89.06% of the stock is currently owned by institutional investors.

About Kodiak Sciences

Kodiak Sciences Inc, a clinical stage biopharmaceutical company, researches, develops, and commercializes therapeutics to treat retinal diseases. Its lead product candidate is tarcocimab tedromer (KSI-301), an anti-vascular endothelial growth factor antibody biopolymer that is in Phase IIb/III clinical study to treat wet age-related macular degeneration (AMD), as well as Phase III clinical study for the treatment of diabetic macular edema, naïve macular edema due to retinal vein occlusion, and non-proliferative diabetic retinopathy.