Kodiak Sciences (NASDAQ:KOD) Stock Price Down 2.9% – Here’s What Happened

Shares of Kodiak Sciences Inc. (NASDAQ:KOD) fell 2.9% during trading on Thursday . The stock traded as low as $9.56 and last traded at $9.66. 44,896 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 478,904 shares. The stock had previously closed at $9.95.

Analysts Set New Price Targets

A number of research analysts have weighed in on KOD shares. Jefferies Financial Group raised Kodiak Sciences from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Monday, December 9th. HC Wainwright restated a “neutral” rating and issued a $3.00 price target on shares of Kodiak Sciences in a report on Friday, November 15th. Finally, Barclays increased their price objective on shares of Kodiak Sciences from $3.00 to $4.00 and gave the stock an “underweight” rating in a report on Friday, November 15th.

Kodiak Sciences Price Performance

The stock has a market cap of $477.30 million, a PE ratio of -2.48 and a beta of 2.38. The stock has a 50-day simple moving average of $6.88 and a 200-day simple moving average of $4.16.

Institutional Investors Weigh In On Kodiak Sciences

Several institutional investors have recently bought and sold shares of KOD. SG Americas Securities LLC purchased a new stake in shares of Kodiak Sciences during the 3rd quarter valued at about $33,000. Meeder Asset Management Inc. purchased a new position in shares of Kodiak Sciences in the second quarter valued at $36,000. Sanctuary Advisors LLC acquired a new stake in Kodiak Sciences during the 2nd quarter valued at $36,000. LJI Wealth Management LLC increased its stake in Kodiak Sciences by 21.3% during the 3rd quarter. LJI Wealth Management LLC now owns 17,100 shares of the company’s stock worth $45,000 after buying an additional 3,000 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Kodiak Sciences by 220.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 44,648 shares of the company’s stock worth $117,000 after buying an additional 30,735 shares during the period. 89.06% of the stock is currently owned by hedge funds and other institutional investors.

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.