Kinnate Biopharma (NASDAQ:KNTE) Trading Up 5%

Kinnate Biopharma Inc. (NASDAQ:KNTE) shares were up 5% during mid-day trading on Tuesday . The stock traded as high as $21.86 and last traded at $21.76. Approximately 197 shares changed hands during mid-day trading, a decline of 100% from the average daily volume of 191,226 shares. The stock had previously closed at $20.72.

Several equities analysts have recently issued reports on KNTE shares. Stifel Nicolaus started coverage on Kinnate Biopharma in a research report on Wednesday, September 22nd. They issued a “buy” rating and a $32.00 price target for the company. Jefferies Financial Group started coverage on Kinnate Biopharma in a research report on Monday, September 27th. They issued a “buy” rating and a $46.00 target price for the company. Zacks Investment Research raised Kinnate Biopharma from a “sell” rating to a “hold” rating in a research report on Wednesday, July 21st. Finally, William Blair started coverage on Kinnate Biopharma in a research report on Tuesday, July 13th. They issued an “outperform” rating for the company. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $47.67.

The stock has a market cap of $956.07 million and a PE ratio of -4.15. The company’s 50-day moving average price is $21.94 and its 200 day moving average price is $23.70.

Kinnate Biopharma (NASDAQ:KNTE) last released its quarterly earnings results on Sunday, August 15th. The company reported ($0.49) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.43) by ($0.06). As a group, analysts predict that Kinnate Biopharma Inc. will post -2.1 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its stake in shares of Kinnate Biopharma by 257.6% during the 1st quarter. Royal Bank of Canada now owns 1,788 shares of the company’s stock valued at $56,000 after acquiring an additional 1,288 shares during the period. JPMorgan Chase & Co. bought a new position in shares of Kinnate Biopharma during the 1st quarter valued at approximately $158,000. New York State Common Retirement Fund bought a new position in shares of Kinnate Biopharma during the 1st quarter valued at approximately $227,000. Rhumbline Advisers bought a new position in shares of Kinnate Biopharma during the 1st quarter valued at approximately $364,000. Finally, Squarepoint Ops LLC bought a new position in shares of Kinnate Biopharma during the 2nd quarter valued at approximately $309,000. 87.69% of the stock is owned by hedge funds and other institutional investors.

About Kinnate Biopharma (NASDAQ:KNTE)

Kinnate Biopharma Inc, a biopharmaceutical company, focuses on the discovery and development of small molecule kinase inhibitors to treat genomically defined cancers. It develops KIN-2787, which is a rapidly accelerated fibrosarcoma inhibitor for the treatment of patients with lung cancer, melanoma, and other solid tumors; KIN-3248 small-molecule kinase inhibitors that target cancer-associated alterations in fibroblast growth factor receptors (FGFR)2 and FGFR3 genes; and small molecule research programs, including a Cyclin-Dependent Kinase 12 inhibitor in its KIN004 program.

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