Stock Traders Buy Large Volume of Kodiak Sciences Put Options (NASDAQ:KOD)

Kodiak Sciences Inc. (NASDAQ:KOD) was the recipient of some unusual options trading on Monday. Stock traders purchased 21,273 put options on the stock. This is an increase of 1,361% compared to the typical daily volume of 1,456 put options.

Hedge Funds Weigh In On Kodiak Sciences

Several large investors have recently made changes to their positions in the company. Algert Global LLC raised its position in shares of Kodiak Sciences by 26.1% in the second quarter. Algert Global LLC now owns 186,476 shares of the company’s stock worth $7,265,000 after acquiring an additional 38,546 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Kodiak Sciences by 31.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 120,629 shares of the company’s stock valued at $4,598,000 after acquiring an additional 29,121 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of Kodiak Sciences during the 2nd quarter valued at about $1,072,000. California State Teachers Retirement System increased its stake in shares of Kodiak Sciences by 1,358.9% in the 1st quarter. California State Teachers Retirement System now owns 29,396 shares of the company’s stock valued at $1,121,000 after purchasing an additional 27,381 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Kodiak Sciences in the 2nd quarter valued at about $4,361,000. 89.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on KOD. Lifesci Capital lifted their price target on Kodiak Sciences from $85.00 to $145.00 and gave the stock an “outperform” rating in a research report on Monday. The Goldman Sachs Group began coverage on Kodiak Sciences in a report on Thursday. They issued a “neutral” rating and a $36.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Kodiak Sciences in a research note on Friday, July 10th. UBS Group lifted their target price on Kodiak Sciences from $80.00 to $120.00 and gave the stock a “buy” rating in a report on Monday. Finally, HC Wainwright upped their target price on Kodiak Sciences from $58.00 to $96.00 and gave the company a “buy” rating in a research report on Monday. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $87.33.

Kodiak Sciences Stock Up 177.1%

Shares of KOD traded up $57.29 during mid-day trading on Monday, reaching $89.64. The company had a trading volume of 32,851,674 shares, compared to its average volume of 1,008,411. The stock has a market capitalization of $5.63 billion, a P/E ratio of -21.71 and a beta of 2.18. Kodiak Sciences has a 52-week low of $10.94 and a 52-week high of $95.69. The stock has a 50 day moving average of $38.31 and a two-hundred day moving average of $37.34.

Kodiak Sciences (NASDAQ:KOD) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.09). On average, sell-side analysts expect that Kodiak Sciences will post -3.89 earnings per share for the current year.

Trending Headlines about Kodiak Sciences

Here are the key news stories impacting Kodiak Sciences this week:

• Positive Sentiment: Both drug candidates met the trial’s primary endpoints, with results indicating efficacy comparable to Regeneron’s established Eylea treatment. The outcome substantially improves Kodiak’s prospects of commercializing potential competitors in the large wet-AMD market. Kodiak Sciences soars as Zenkuda, tabirafusp-ted hit primary endpoints in phase III wet AMD trial
• Positive Sentiment: Kodiak plans to seek regulatory approval for Zenkuda following the successful pivotal trial, providing a clearer path toward a potential product launch and future revenue. Kodiak Sciences Stock Pops After Eye-Disease Drugs Pass Key Trial
• Positive Sentiment: Analyst sentiment strengthened after the data release. UBS raised its price target from $80 to $120 and assigned a “buy” rating; Lifesci Capital increased its target from $85 to $145 and initiated an “outperform” view. HC Wainwright also lifted its target from $58 to $96 and reiterated a “buy” rating.
• Positive Sentiment: The trial success reverses some of the uncertainty surrounding Kodiak’s pipeline and has driven unusually heavy trading as investors reassess the company’s valuation and commercial potential. Kodiak doubles as resurrected eye disease drug matches Eylea in phase 3

Kodiak Sciences Company Profile

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.