Jefferies Financial Group Upgrades Kodiak Sciences (NASDAQ:KOD) to Buy

Kodiak Sciences (NASDAQ:KOD) was upgraded by stock analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a note issued to investors on Monday, Marketbeat.com reports. The brokerage presently has a $20.00 price objective on the stock. Jefferies Financial Group’s price target would suggest a potential upside of 100.00% from the company’s previous close.

Several other research firms have also issued reports on KOD. Barclays upped their price objective on Kodiak Sciences from $3.00 to $4.00 and gave the company an “underweight” rating in a research note on Friday, November 15th. HC Wainwright restated a “neutral” rating and issued a $3.00 price objective on shares of Kodiak Sciences in a research note on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.80.

Kodiak Sciences Stock Down 1.5 %

NASDAQ:KOD opened at $10.00 on Monday. The stock’s 50 day moving average price is $4.71 and its two-hundred day moving average price is $3.40. The firm has a market capitalization of $526.24 million, a price-to-earnings ratio of -2.78 and a beta of 2.38. Kodiak Sciences has a 12-month low of $2.18 and a 12-month high of $11.60.

Hedge Funds Weigh In On Kodiak Sciences

Several institutional investors and hedge funds 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 approximately $751,000. Acadian Asset Management LLC grew its position in Kodiak Sciences by 14.1% during the second quarter. Acadian Asset Management LLC now owns 1,965,449 shares of the company’s stock worth $4,614,000 after buying an additional 242,559 shares in the last quarter. Renaissance Technologies LLC grew its position in Kodiak Sciences by 21.9% during the second quarter. Renaissance Technologies LLC now owns 708,800 shares of the company’s stock worth $1,666,000 after buying an additional 127,400 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in Kodiak Sciences during the second quarter worth approximately $207,000. Finally, RIA Advisory Group LLC acquired a new stake in Kodiak Sciences during the third quarter worth approximately $191,000. Institutional investors and hedge funds 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.