Kodiak Sciences Inc. (NASDAQ:KOD) Sees Significant Increase in Short Interest

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report) was the target of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 3,190,000 shares, an increase of 19.9% from the March 15th total of 2,660,000 shares. Based on an average trading volume of 382,700 shares, the short-interest ratio is currently 8.3 days. Approximately 6.6% of the company's shares are short sold.

Kodiak Sciences Price Performance

NASDAQ KOD traded down $0.07 during mid-day trading on Friday, hitting $4.12. The company's stock had a trading volume of 61,827 shares, compared to its average volume of 342,141. The stock's fifty day simple moving average is $3.29 and its two-hundred day simple moving average is $5.39. The firm has a market capitalization of $217.11 million, a P/E ratio of -1.13 and a beta of 2.40. Kodiak Sciences has a 52-week low of $1.92 and a 52-week high of $11.60.

Kodiak Sciences (NASDAQ:KOD - Get Free Report) last announced its earnings results on Thursday, March 27th. The company reported ($0.84) earnings per share for the quarter, beating the consensus estimate of ($0.90) by $0.06. On average, equities analysts forecast that Kodiak Sciences will post -3.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kodiak Sciences

Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its holdings in shares of Kodiak Sciences by 1,501.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,187 shares of the company's stock worth $32,000 after purchasing an additional 2,988 shares during the period. American Century Companies Inc. grew its position in shares of Kodiak Sciences by 6.2% during the 4th quarter. American Century Companies Inc. now owns 59,967 shares of the company's stock valued at $597,000 after buying an additional 3,515 shares during the last quarter. US Bancorp DE acquired a new stake in Kodiak Sciences during the fourth quarter worth about $40,000. Bank of New York Mellon Corp lifted its holdings in Kodiak Sciences by 5.3% in the fourth quarter. Bank of New York Mellon Corp now owns 98,102 shares of the company's stock worth $976,000 after acquiring an additional 4,927 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Kodiak Sciences by 2.9% during the fourth quarter. Northern Trust Corp now owns 269,597 shares of the company's stock valued at $2,682,000 after purchasing an additional 7,678 shares during the last quarter. Institutional investors and hedge funds own 89.06% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a "neutral" rating and issued a $3.00 target price on shares of Kodiak Sciences in a report on Monday, March 31st.

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.