Zacks Investment Research Upgrades Kindred Biosciences (KIN) to Buy

Kindred Biosciences (NASDAQ:KIN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The brokerage currently has a $10.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.11% from the stock’s previous close.

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. “

Several other brokerages also recently commented on KIN. Cantor Fitzgerald set a $25.00 price objective on shares of Kindred Biosciences and gave the company a “buy” rating in a research report on Friday, April 26th. Aegis began coverage on shares of Kindred Biosciences in a research report on Wednesday, April 10th. They set a “buy” rating and a $16.00 price objective on the stock. ValuEngine downgraded shares of Kindred Biosciences from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 11th. Lake Street Capital cut their price objective on shares of Kindred Biosciences from $30.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, March 7th. Finally, HC Wainwright reissued a “buy” rating and set a $19.00 price objective on shares of Kindred Biosciences in a research report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $17.11.

NASDAQ:KIN opened at $9.00 on Thursday. The stock has a market capitalization of $351.05 million, a PE ratio of -5.63 and a beta of 0.37. The company has a current ratio of 9.10, a quick ratio of 8.70 and a debt-to-equity ratio of 0.01. Kindred Biosciences has a 1-year low of $8.04 and a 1-year high of $15.75.

Kindred Biosciences (NASDAQ:KIN) last released its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.42) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.41) by ($0.01). The firm had revenue of $0.52 million for the quarter, compared to analysts’ expectations of $1.95 million. On average, analysts forecast that Kindred Biosciences will post -1.54 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc lifted its stake in Kindred Biosciences by 24.6% during the 3rd quarter. Legal & General Group Plc now owns 4,659 shares of the biopharmaceutical company’s stock valued at $65,000 after acquiring an additional 920 shares during the period. Meeder Asset Management Inc. lifted its position in Kindred Biosciences by 17.5% in the fourth quarter. Meeder Asset Management Inc. now owns 10,216 shares of the biopharmaceutical company’s stock worth $111,000 after buying an additional 1,518 shares during the last quarter. Citigroup Inc. lifted its position in Kindred Biosciences by 28.6% in the first quarter. Citigroup Inc. now owns 9,810 shares of the biopharmaceutical company’s stock worth $90,000 after buying an additional 2,181 shares during the last quarter. American International Group Inc. lifted its position in Kindred Biosciences by 10.8% in the first quarter. American International Group Inc. now owns 22,619 shares of the biopharmaceutical company’s stock worth $207,000 after buying an additional 2,204 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in Kindred Biosciences by 5.0% in the first quarter. California State Teachers Retirement System now owns 54,951 shares of the biopharmaceutical company’s stock worth $504,000 after buying an additional 2,622 shares during the last quarter. 56.44% of the stock is currently owned by institutional investors.

Kindred Biosciences Company Profile

Kindred Biosciences, Inc, a commercial-stage biopharmaceutical company, focusing on developing therapies for pets. Its product pipeline consists of small molecules and biologics for a range of indications in dogs, cats, and horses. The company offers Mirataz, a mirtazapine transdermal ointment for the management of weight loss in cats.

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