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

Kodiak Sciences (NASDAQ:KOD) issued its earnings results on Thursday. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.96) by ($0.09), Zacks reports.

Kodiak Sciences Price Performance

Shares of KOD traded down $3.43 during trading hours on Thursday, hitting $39.98. The stock had a trading volume of 814,038 shares, compared to its average volume of 859,325. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of -9.59 and a beta of 2.21. The company’s fifty day moving average is $38.78 and its two-hundred day moving average is $34.80. Kodiak Sciences has a 52 week low of $8.29 and a 52 week high of $47.84.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of Kodiak Sciences from $56.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Wall Street Zen raised Kodiak Sciences from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Chardan Capital upgraded Kodiak Sciences from a “neutral” rating to a “buy” rating and upped their price objective for the company from $14.00 to $61.00 in a research note on Monday, May 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Kodiak Sciences in a report on Friday, July 10th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Kodiak Sciences presently has an average rating of “Moderate Buy” and a consensus target price of $48.14.

Hedge Funds Weigh In On Kodiak Sciences

Several institutional investors have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. bought a new stake in Kodiak Sciences during the fourth quarter worth about $11,440,000. Invesco Ltd. raised its stake in shares of Kodiak Sciences by 454.1% in the fourth quarter. Invesco Ltd. now owns 555,073 shares of the company’s stock worth $15,520,000 after acquiring an additional 454,894 shares during the last quarter. Ikarian Capital LLC raised its position in Kodiak Sciences by 73.9% in the 4th quarter. Ikarian Capital LLC now owns 719,787 shares of the company’s stock worth $20,125,000 after purchasing an additional 305,946 shares during the last quarter. Virtus Investment Advisers LLC bought a new position in Kodiak Sciences in the 4th quarter worth approximately $312,000. Finally, Wellington Management Group LLP lifted its holdings in Kodiak Sciences by 304.7% during the 4th quarter. Wellington Management Group LLP now owns 473,796 shares of the company’s stock worth $13,247,000 after buying an additional 356,737 shares in the last quarter. 89.06% of the stock is owned by institutional investors.

Kodiak Sciences Company Profile

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.