Kodiak Sciences Inc. (NASDAQ:KOD) experienced a decline of 4.4% during trading on Thursday, with shares dropping to as low as $25.95 before closing at $25.7750. The trading volume reached approximately 274,791 shares, a significant decrease of 53% from the average daily volume of 585,993 shares. The stock had previously closed at $26.97.
Analyst Ratings and Price Targets
A number of analysts have recently provided their insights on Kodiak Sciences shares. On September 22, Jefferies Financial Group initiated coverage with a “buy” rating and a price target of $15.00. This was followed by Chardan Capital, which maintained a “neutral” rating with a target price of $14.00 on November 17. On the same day, HC Wainwright raised its price target from $24.00 to $26.00 and also assigned a “buy” rating.
Further adjustments were made by Barclays, which upgraded its rating from “underweight” to “equal weight” while increasing the price objective from $7.00 to $17.00 on September 25. Additionally, Lifesci Capital began coverage on October 23, assigning an “outperform” rating with a price target of $40.00. Currently, four analysts have rated the stock as a buy, while two have issued hold ratings, and one has assigned a sell rating. According to data from MarketBeat, Kodiak Sciences holds an average rating of “hold” with an average price target of $22.67.
Recent Earnings Report and Insider Transactions
Kodiak Sciences released its quarterly earnings data on November 13, reporting an earnings per share (EPS) of ($1.16), which fell short of the consensus estimate of ($1.07) by $0.09. Analysts predict that Kodiak Sciences will post an EPS of ($3.45) for the current fiscal year.
In a notable insider transaction, Bros. Advisors Lp Baker, a director of the company, purchased 2,608,696 shares on December 18 at an average price of $23.00 per share, resulting in a total transaction value of $60,000,008.00. Following this purchase, the director’s ownership increased to 18,358,772 shares, valued at approximately $422,251,756. This transaction was disclosed in a legal filing with the SEC.
Insiders currently own 45.90% of the company’s stock.
Institutional Investor Activity
Several institutional investors have recently adjusted their stakes in Kodiak Sciences. Adage Capital Partners GP L.L.C. increased its position by 55.1% during the second quarter, now holding 2,055,707 shares worth $7,668,000 after acquiring an additional 730,000 shares. Boone Capital Management LLC entered a new investment in the third quarter, purchasing shares valued at approximately $11,719,000.
Additionally, Acadian Asset Management LLC raised its holdings by 27.0% during the first quarter, owning 1,946,134 shares valued at $5,454,000 after buying an additional 413,821 shares. Jacobs Levy Equity Management Inc. also increased its stake by 90.1%, acquiring 685,198 shares worth $1,922,000. Lastly, Bank of America Corp DE boosted its stake by an impressive 657.7% during the third quarter, now holding 309,071 shares valued at $5,059,000. Overall, institutional investors and hedge funds control 89.06% of the company’s stock.
Company Overview
Founded in Palo Alto, California, Kodiak Sciences Inc. is a clinical-stage biopharmaceutical company dedicated to developing innovative therapies for retinal diseases. The company focuses on antibody biopolymer conjugates (ABCs) to enhance the durability, tissue penetration, and safety profile of existing treatments. Its lead product candidate, KSI-301, is an anti-VEGF antibody biopolymer conjugate administered via intravitreal injection, targeting conditions such as wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME).
As Kodiak Sciences continues to navigate the market landscape, stakeholders will be closely monitoring its performance and strategic direction.
