Kodiak Sciences (NASDAQ:KOD) Shares Down 6.7% – Should You Sell?

Shares of Kodiak Sciences Inc. (NASDAQ:KOD) were down 6.7% during mid-day trading on Wednesday . The stock traded as low as $32.23 and last traded at $31.52. 75,316 shares changed hands during trading, a decline of 91% from the average daily volume of 827,268 shares. The stock had previously closed at $33.80.

Analyst Upgrades and Downgrades

KOD has been the topic of a number of recent research reports. Wall Street Zen cut shares of Kodiak Sciences from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. HC Wainwright restated a “buy” rating and issued a $58.00 price objective on shares of Kodiak Sciences in a report on Thursday, September 17th. JPMorgan Chase & Co. upped their price objective on shares of Kodiak Sciences from $56.00 to $66.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kodiak Sciences in a report on Friday, July 10th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.67.

Kodiak Sciences Stock Down 7.5%

The firm has a market capitalization of $1.97 billion, a P/E ratio of -7.46 and a beta of 2.18. The company has a fifty day simple moving average of $38.89 and a 200 day simple moving average of $37.19.

Kodiak Sciences (NASDAQ:KOD) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.96) by ($0.09). As a group, equities analysts expect that Kodiak Sciences Inc. will post -3.89 earnings per share for the current fiscal year.

Institutional Trading of Kodiak Sciences

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Kodiak Sciences during the second quarter valued at $161,113,000. Baker BROS. Advisors LP boosted its position in Kodiak Sciences by 15.1% in the fourth quarter. Baker BROS. Advisors LP now owns 19,919,186 shares of the company’s stock worth $556,940,000 after purchasing an additional 2,608,696 shares during the last quarter. Jupiter Topco LLC bought a new stake in shares of Kodiak Sciences during the 2nd quarter valued at about $59,507,000. ICONIQ Capital LLC bought a new stake in shares of Kodiak Sciences during the 2nd quarter valued at about $49,345,000. Finally, Bank of America Corp DE purchased a new stake in shares of Kodiak Sciences during the 2nd quarter valued at about $14,949,000. 89.06% of the stock is currently owned by institutional investors.

About Kodiak Sciences

Kodiak Sciences Inc (NASDAQ: KOD) is a biopharmaceutical company focused on developing therapies for retinal diseases and other conditions affecting the eye. The company’s research is centered on antibody biopolymer conjugates, a technology designed to extend the duration of action of biologic medicines in ocular tissues and potentially reduce the frequency of administration.

Its lead development program has been tarcocimab tedromer, also known as KSI-301, an anti-vascular endothelial growth factor (VEGF) therapy investigated for retinal vascular diseases, including diabetic macular edema, diabetic retinopathy and neovascular age-related macular degeneration.