Kodiak Sciences (NASDAQ:KOD) Shares Gap Down – What’s Next?

Kodiak Sciences Inc. (NASDAQ:KOD)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $10.00, but opened at $9.79. Kodiak Sciences shares last traded at $9.87, with a volume of 16,152 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on KOD. Jefferies Financial Group raised Kodiak Sciences from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Monday. HC Wainwright reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Kodiak Sciences in a research note on Friday, November 15th. Finally, Barclays increased their price objective on shares of Kodiak Sciences from $3.00 to $4.00 and gave the company an “underweight” rating in a research note on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $6.80.

Kodiak Sciences Stock Performance

The firm’s 50 day moving average is $4.86 and its 200 day moving average is $3.45. The stock has a market cap of $486.77 million, a P/E ratio of -2.56 and a beta of 2.38.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in KOD. GSA Capital Partners LLP acquired a new position in shares of Kodiak Sciences in the third quarter valued at about $751,000. Acadian Asset Management LLC lifted its stake in Kodiak Sciences by 14.1% during the 2nd quarter. Acadian Asset Management LLC now owns 1,965,449 shares of the company’s stock valued at $4,614,000 after acquiring an additional 242,559 shares during the period. Renaissance Technologies LLC increased its stake in shares of Kodiak Sciences by 21.9% in the second quarter. Renaissance Technologies LLC now owns 708,800 shares of the company’s stock worth $1,666,000 after acquiring an additional 127,400 shares during the period. Panagora Asset Management Inc. purchased a new position in shares of Kodiak Sciences during the second quarter worth $207,000. Finally, RIA Advisory Group LLC acquired a new position in Kodiak Sciences during the third quarter valued at $191,000. Hedge funds and other institutional investors own 89.06% of the company’s stock.

About Kodiak Sciences

Kodiak Sciences Inc, a clinical stage biopharmaceutical company, researches, develops, and commercializes therapeutics to treat retinal diseases. Its lead product candidate is tarcocimab tedromer (KSI-301), an anti-vascular endothelial growth factor antibody biopolymer that is in Phase IIb/III clinical study to treat wet age-related macular degeneration (AMD), as well as Phase III clinical study for the treatment of diabetic macular edema, naïve macular edema due to retinal vein occlusion, and non-proliferative diabetic retinopathy.