Kindred Biosciences, Inc. (NASDAQ:KIN) Releases Quarterly Earnings Results
Kindred Biosciences, Inc. (NASDAQ:KIN) released its quarterly earnings results on Monday. The biopharmaceutical company reported ($0.29) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.33) by $0.04, Bloomberg Earnings reports.
Kindred Biosciences (NASDAQ KIN) traded down 2.381% during mid-day trading on Tuesday, hitting $7.175. The company had a trading volume of 53,320 shares. The company’s 50 day moving average price is $7.85 and its 200-day moving average price is $6.97. Kindred Biosciences has a 12-month low of $3.86 and a 12-month high of $9.65. The firm’s market capitalization is $167.25 million.
Several analysts have issued reports on KIN shares. Zacks Investment Research raised Kindred Biosciences from a “hold” rating to a “buy” rating and set a $7.75 price target on the stock in a research note on Wednesday, May 24th. FBR & Co reissued a “buy” rating on shares of Kindred Biosciences in a research note on Wednesday, May 31st. Aegis started coverage on Kindred Biosciences in a research note on Friday, June 16th. They issued a “buy” rating and a $10.50 price target on the stock. ValuEngine raised Kindred Biosciences from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, BMO Capital Markets reissued a “hold” rating and issued a $8.00 price target on shares of Kindred Biosciences in a research note on Monday, May 15th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Kindred Biosciences presently has a consensus rating of “Buy” and a consensus price target of $8.85.
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In other news, major shareholder Park West Asset Management Llc acquired 600,000 shares of the firm’s stock in a transaction on Wednesday, July 12th. The stock was purchased at an average price of $7.50 per share, for a total transaction of $4,500,000.00. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Richard Chin sold 13,000 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $7.75, for a total transaction of $100,750.00. Following the completion of the sale, the insider now owns 2,310,546 shares of the company’s stock, valued at approximately $17,906,731.50. The disclosure for this sale can be found here. In the last quarter, insiders acquired 770,387 shares of company stock valued at $5,660,987. Company insiders own 19.10% of the company’s stock.
A number of large investors have recently bought and sold shares of KIN. Dimensional Fund Advisors LP raised its stake in Kindred Biosciences by 5,283.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,334,953 shares of the biopharmaceutical company’s stock valued at $5,674,000 after buying an additional 1,310,155 shares during the period. Renaissance Technologies LLC raised its stake in Kindred Biosciences by 6.0% in the fourth quarter. Renaissance Technologies LLC now owns 351,600 shares of the biopharmaceutical company’s stock valued at $1,494,000 after buying an additional 20,000 shares during the period. 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 period. Wells Fargo & Company MN raised its stake in Kindred Biosciences by 1.1% in the first quarter. Wells Fargo & Company MN now owns 329,902 shares of the biopharmaceutical company’s stock valued at $2,326,000 after buying an additional 3,550 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Kindred Biosciences during the first quarter valued at approximately $102,000. Hedge funds and other institutional investors own 51.91% 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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