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

Kodiak Sciences Inc. (NASDAQ:KOD - Get Free Report) was the recipient of a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 2,040,000 shares, an increase of 19.3% from the January 15th total of 1,710,000 shares. Currently, 4.2% of the shares of the company are sold short. Based on an average daily volume of 456,800 shares, the days-to-cover ratio is presently 4.5 days.

Hedge Funds Weigh In On Kodiak Sciences

Several institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its position in shares of Kodiak Sciences by 1,501.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,187 shares of the company's stock valued at $32,000 after acquiring an additional 2,988 shares during the period. LJI Wealth Management LLC raised its position in shares of Kodiak Sciences by 21.3% in the third quarter. LJI Wealth Management LLC now owns 17,100 shares of the company's stock valued at $45,000 after buying an additional 3,000 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Kodiak Sciences by 6.2% in the 4th quarter. American Century Companies Inc. now owns 59,967 shares of the company's stock valued at $597,000 after purchasing an additional 3,515 shares in the last quarter. US Bancorp DE acquired a new position in Kodiak Sciences in the 4th quarter worth about $40,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Kodiak Sciences by 5.3% during the fourth quarter. Bank of New York Mellon Corp now owns 98,102 shares of the company's stock valued at $976,000 after acquiring an additional 4,927 shares during the last quarter. Institutional investors own 89.06% of the company's stock.

Kodiak Sciences Stock Performance

Shares of NASDAQ KOD traded down $0.16 during mid-day trading on Wednesday, hitting $4.99. 234,153 shares of the stock were exchanged, compared to its average volume of 392,989. Kodiak Sciences has a twelve month low of $2.18 and a twelve month high of $11.60. The stock's fifty day simple moving average is $7.71 and its two-hundred day simple moving average is $5.21. The company has a market cap of $262.63 million, a P/E ratio of -1.37 and a beta of 2.06.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on KOD. HC Wainwright reissued a "neutral" rating and set a $3.00 target price on shares of Kodiak Sciences in a research report on Friday, November 15th. Jefferies Financial Group upgraded Kodiak Sciences from a "hold" rating to a "buy" rating and set a $20.00 target price for the company in a research note on Monday, December 9th. Finally, Barclays upped their target price on shares of Kodiak Sciences from $3.00 to $4.00 and gave the company an "underweight" rating in a research note on Friday, November 15th.

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.