Kodiak Sciences (NASDAQ:KOD) Shares Down 2.9% - Here's What Happened

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

Wall Street Analysts Forecast Growth

KOD has been the subject of several research reports. Barclays increased their price objective on shares of Kodiak Sciences from $3.00 to $4.00 and gave the stock an "underweight" rating in a research report on Friday, November 15th. HC Wainwright reissued a "neutral" rating and issued a $3.00 price target on shares of Kodiak Sciences in a research note on Friday, November 15th. Finally, 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 report on Monday, December 9th.

Kodiak Sciences Stock Down 13.4 %

The firm has a market cap of $453.62 million, a price-to-earnings ratio of -2.36 and a beta of 2.38. The company's fifty day moving average is $6.88 and its 200 day moving average is $4.16.

Institutional Trading of Kodiak Sciences

Several institutional investors and hedge funds have recently bought and sold shares of KOD. Acadian Asset Management LLC lifted its stake in Kodiak Sciences by 14.1% in the second quarter. Acadian Asset Management LLC now owns 1,965,449 shares of the company's stock valued at $4,614,000 after acquiring an additional 242,559 shares during the last quarter. State Street Corp raised its holdings in shares of Kodiak Sciences by 1.8% in the 3rd quarter. State Street Corp now owns 816,634 shares of the company's stock valued at $2,131,000 after purchasing an additional 14,711 shares during the period. Geode Capital Management LLC lifted its stake in Kodiak Sciences by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 768,740 shares of the company's stock valued at $2,007,000 after purchasing an additional 12,783 shares during the last quarter. 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 worth $1,666,000 after purchasing an additional 127,400 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in Kodiak Sciences during the third quarter worth approximately $751,000. Institutional investors 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.