Kinnate Biopharma (NASDAQ:KNTE) Downgraded by Wedbush to “Neutral”

Kinnate Biopharma (NASDAQ:KNTE) was downgraded by analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research note issued on Tuesday, September 19th, Marketbeat.com reports. Wedbush also issued estimates for Kinnate Biopharma’s Q4 2023 earnings at ($0.32) EPS, FY2023 earnings at ($2.23) EPS, FY2024 earnings at ($0.67) EPS, FY2025 earnings at ($0.64) EPS, FY2026 earnings at ($0.73) EPS and FY2027 earnings at ($0.76) EPS.

A number of other research firms have also recently issued reports on KNTE. Piper Sandler cut Kinnate Biopharma from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $20.00 to $4.00 in a report on Tuesday, September 19th. HC Wainwright cut shares of Kinnate Biopharma from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 19th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $14.60.

Kinnate Biopharma Trading Down 4.2 %

KNTE traded down $0.06 on Tuesday, reaching $1.38. The company had a trading volume of 59,071 shares, compared to its average volume of 297,086. Kinnate Biopharma has a 52-week low of $1.32 and a 52-week high of $12.94. The business has a 50 day simple moving average of $2.34 and a 200 day simple moving average of $3.44.

Kinnate Biopharma (NASDAQ:KNTE) last posted its quarterly earnings data on Tuesday, August 8th. The company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.08. Sell-side analysts forecast that Kinnate Biopharma will post -2.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kinnate Biopharma

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quantbot Technologies LP bought a new position in shares of Kinnate Biopharma in the first quarter worth approximately $27,000. Tower Research Capital LLC TRC raised its stake in shares of Kinnate Biopharma by 263.6% during the third quarter. Tower Research Capital LLC TRC now owns 6,926 shares of the company’s stock valued at $83,000 after acquiring an additional 5,021 shares during the last quarter. BNP Paribas Arbitrage SNC bought a new position in shares of Kinnate Biopharma during the third quarter valued at about $111,000. Point72 Middle East FZE purchased a new stake in shares of Kinnate Biopharma during the second quarter worth about $29,000. Finally, Principal Financial Group Inc. bought a new stake in shares of Kinnate Biopharma in the fourth quarter worth about $62,000.

Kinnate Biopharma Company Profile

Kinnate Biopharma Inc, a clinical-stage oncology company, focuses on the discovery and development of small molecule kinase inhibitors to treat genomically defined cancers in the United States. The company develops KIN-2787, 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 FGFR2 and FGFR3 genes; and small molecule research programs, including Cyclin-Dependent Kinase 12(CDK12) inhibitor in its KIN004 program.