Kodiak Sciences (NASDAQ:KOD) Trading Down 2.9% – Time to Sell?

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on KOD. Jefferies Financial Group upgraded Kodiak Sciences from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a report on Monday, December 9th. Barclays raised 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. Finally, HC Wainwright restated a “neutral” rating and issued a $3.00 target price on shares of Kodiak Sciences in a report on Friday, November 15th.

Kodiak Sciences Price Performance

The company’s 50 day moving average is $6.88 and its 200 day moving average is $4.16. The stock has a market cap of $477.30 million, a price-to-earnings ratio of -2.48 and a beta of 2.38.

Hedge Funds Weigh In On Kodiak Sciences

Several hedge funds have recently added to or reduced their stakes in KOD. JPMorgan Chase & Co. grew its holdings in Kodiak Sciences by 220.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 44,648 shares of the company’s stock valued at $117,000 after buying an additional 30,735 shares during the last quarter. Barclays PLC lifted its position in shares of Kodiak Sciences by 65.5% in the third quarter. Barclays PLC now owns 79,658 shares of the company’s stock valued at $208,000 after acquiring an additional 31,527 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Kodiak Sciences by 1.7% during the third quarter. Geode Capital Management LLC now owns 768,740 shares of the company’s stock valued at $2,007,000 after acquiring an additional 12,783 shares during the last quarter. State Street Corp increased its position in Kodiak Sciences by 1.8% during the 3rd quarter. State Street Corp now owns 816,634 shares of the company’s stock worth $2,131,000 after purchasing an additional 14,711 shares in the last quarter. Finally, FMR LLC raised its stake in Kodiak Sciences by 26.4% in the 3rd quarter. FMR LLC now owns 200,971 shares of the company’s stock valued at $525,000 after purchasing an additional 41,987 shares during the last quarter. 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.