Kodiak Sciences (NASDAQ:KOD) Shares Gap Up – Here’s Why

Shares of Kodiak Sciences Inc. (NASDAQ:KOD) gapped up before the market opened on Monday . The stock had previously closed at $8.65, but opened at $9.00. Kodiak Sciences shares last traded at $9.55, with a volume of 299,816 shares trading hands.

Analyst Upgrades and Downgrades

KOD has been the topic of several analyst reports. HC Wainwright reissued a “neutral” rating and issued a $3.00 price objective on shares of Kodiak Sciences in a research note on Friday, November 15th. Jefferies Financial Group upgraded Kodiak Sciences from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Monday, December 9th. Finally, Barclays raised their price objective on Kodiak Sciences from $3.00 to $4.00 and gave the stock an “underweight” rating in a research report on Friday, November 15th.

Kodiak Sciences Stock Up 6.7 %

The stock has a market capitalization of $519.40 million, a PE ratio of -2.70 and a beta of 2.38. The firm has a 50 day moving average price of $6.08 and a 200 day moving average price of $3.86.

Institutional Trading of Kodiak Sciences

A number of institutional investors and hedge funds have recently modified their holdings of the business. Panagora Asset Management Inc. bought a new position in Kodiak Sciences during the second quarter valued at about $207,000. Acadian Asset Management LLC increased its stake in shares of Kodiak Sciences by 14.1% during the 2nd quarter. Acadian Asset Management LLC now owns 1,965,449 shares of the company’s stock worth $4,614,000 after purchasing an additional 242,559 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Kodiak Sciences by 18.5% in the 2nd quarter. American Century Companies Inc. now owns 54,323 shares of the company’s stock worth $128,000 after purchasing an additional 8,470 shares during the period. Meeder Asset Management Inc. purchased a new position in Kodiak Sciences in the second quarter valued at approximately $36,000. Finally, Renaissance Technologies LLC grew its holdings in Kodiak Sciences by 21.9% during the second quarter. Renaissance Technologies LLC now owns 708,800 shares of the company’s stock valued at $1,666,000 after purchasing an additional 127,400 shares during the period. 89.06% of the stock is owned by hedge funds and other institutional investors.

Kodiak Sciences Company Profile

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.