Zacks Investment Research upgraded shares of Kindred Biosciences, Inc. (NASDAQ:KIN) from a hold rating to a buy rating in a report issued on Wednesday, May 24th. They currently have $7.75 price target on the biopharmaceutical company’s stock.
According to Zacks, “Kindred Biosciences is a development-stage biopharmaceutical company focused on saving and improving the lives of pets. Its mission is to bring to pets the same kinds of safe and effective medicines that human family members enjoy. The Company’s strategy is to identify compounds and targets that have already demonstrated safety and efficacy in humans and to develop therapeutics based on these validated compounds and targets for dogs, cats and horses. The Company has a deep pipeline of novel drugs and biologics in development across many therapeutic classes. “
KIN has been the topic of a number of other research reports. BMO Capital Markets reiterated a hold rating and set a $8.00 price objective on shares of Kindred Biosciences in a research report on Friday, May 5th. FBR & Co initiated coverage on shares of Kindred Biosciences in a report on Wednesday, May 24th. They issued an outperform rating and a $10.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $8.70.
Kindred Biosciences (KIN) traded up 2.16% during midday trading on Wednesday, hitting $7.10. 344,642 shares of the stock were exchanged. The firm’s market capitalization is $165.50 million. The firm’s 50-day moving average price is $6.91 and its 200 day moving average price is $6.25. Kindred Biosciences has a 1-year low of $3.25 and a 1-year high of $7.55.
Kindred Biosciences (NASDAQ:KIN) last posted its quarterly earnings data on Thursday, May 4th. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.04. Analysts expect that Kindred Biosciences will post ($1.40) earnings per share for the current fiscal year.
In other Kindred Biosciences news, major shareholder Park West Asset Management Llc bought 15,311 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were bought at an average cost of $6.65 per share, for a total transaction of $101,818.15. The transaction was disclosed in a filing with the SEC, which is available through this link. 19.10% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Kindred Biosciences during the first quarter valued at approximately $102,000. Goldman Sachs Group Inc. raised its stake in Kindred Biosciences by 28.5% in the first quarter. Goldman Sachs Group Inc. now owns 22,336 shares of the biopharmaceutical company’s stock valued at $157,000 after buying an additional 4,954 shares during the last quarter. Acadian Asset Management LLC raised its stake in Kindred Biosciences by 51.6% in the first quarter. Acadian Asset Management LLC now owns 29,759 shares of the biopharmaceutical company’s stock valued at $210,000 after buying an additional 10,134 shares during the last quarter. UBS Group AG raised its stake in Kindred Biosciences by 152.7% in the first quarter. UBS Group AG now owns 65,217 shares of the biopharmaceutical company’s stock valued at $460,000 after buying an additional 39,411 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Kindred Biosciences by 6.3% in the first quarter. Geode Capital Management LLC now owns 69,025 shares of the biopharmaceutical company’s stock valued at $486,000 after buying an additional 4,081 shares during the last quarter. Institutional investors own 70.33% of the company’s stock.
About Kindred Biosciences
Kindred Biosciences, Inc is a development-stage biopharmaceutical company. The Company is focused on developing therapies for pets. The Company’s product pipeline consists of small molecules and biologics for a range of indications in dogs, cats and horses. The Company is developing product candidates for over 20 indications and focused on small molecule products and canine and feline biologics products.
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