Kodiak Sciences (NASDAQ:KOD) Stock Price Down 7.7% – Here’s What Happened

Kodiak Sciences Inc. (NASDAQ:KOD)’s share price was down 7.7% during trading on Monday . The stock traded as low as $25.23 and last traded at $25.5860. Approximately 149,513 shares changed hands during trading, a decline of 80% from the average daily volume of 762,713 shares. The stock had previously closed at $27.72.

Wall Street Analysts Forecast Growth

KOD has been the subject of several research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Kodiak Sciences in a research report on Wednesday, October 8th. Jefferies Financial Group initiated coverage on shares of Kodiak Sciences in a report on Monday, September 22nd. They set a “buy” rating and a $15.00 target price on the stock. UBS Group assumed coverage on shares of Kodiak Sciences in a research report on Wednesday, January 7th. They issued a “buy” rating and a $50.00 price target on the stock. Wall Street Zen downgraded shares of Kodiak Sciences from a “hold” rating to a “sell” rating in a research report on Saturday, October 11th. Finally, Chardan Capital reiterated a “neutral” rating and set a $14.00 price objective on shares of Kodiak Sciences in a research note on Monday, November 17th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.57.

Kodiak Sciences Stock Performance

The firm has a market capitalization of $1.49 billion, a P/E ratio of -6.81 and a beta of 2.67. The business has a fifty day moving average of $23.65 and a 200-day moving average of $14.97.

Kodiak Sciences (NASDAQ:KOD) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($1.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.09). On average, equities research analysts forecast that Kodiak Sciences Inc. will post -3.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Kodiak Sciences

In other Kodiak Sciences news, Director Bros. Advisors Lp Baker bought 2,608,696 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were acquired at an average cost of $23.00 per share, for a total transaction of $60,000,008.00. Following the acquisition, the director directly owned 18,358,772 shares of the company’s stock, valued at $422,251,756. This trade represents a 16.56% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 45.90% of the company’s stock.

Hedge Funds Weigh In On Kodiak Sciences

A number of hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC purchased a new position in Kodiak Sciences in the 1st quarter worth about $188,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Kodiak Sciences in the first quarter worth approximately $94,000. Jane Street Group LLC increased 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 worth $181,000 after acquiring an additional 52,705 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Kodiak Sciences by 27.0% during the first quarter. Acadian Asset Management LLC now owns 1,946,134 shares of the company’s stock valued at $5,454,000 after acquiring an additional 413,821 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Kodiak Sciences by 21.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 15,070 shares of the company’s stock valued at $56,000 after acquiring an additional 2,691 shares in the last quarter. 89.06% of the stock is currently owned by institutional investors and hedge funds.

About Kodiak Sciences

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.