Kinnate Biopharma (NASDAQ:KNTE) Announces Quarterly Earnings Results

Kinnate Biopharma (NASDAQ:KNTE – Get Rating) released its earnings results on Wednesday. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.02), Yahoo Finance reports.

Kinnate Biopharma Stock Performance

KNTE opened at $5.46 on Friday. The company’s 50 day moving average is $6.19 and its 200-day moving average is $8.24. Kinnate Biopharma has a 1-year low of $3.30 and a 1-year high of $15.86.

Institutional Investors Weigh In On Kinnate Biopharma

Hedge funds have recently made changes to their positions in the stock. Barclays PLC boosted its position in Kinnate Biopharma by 58.1% during the 4th quarter. Barclays PLC now owns 24,386 shares of the company’s stock worth $149,000 after buying an additional 8,962 shares during the period. Jane Street Group LLC acquired a new stake in Kinnate Biopharma during the 2nd quarter worth approximately $147,000. SVB Financial Group acquired a new stake in Kinnate Biopharma during the 4th quarter worth approximately $143,000. Marshall Wace LLP acquired a new stake in Kinnate Biopharma during the 3rd quarter worth approximately $137,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Kinnate Biopharma during the 3rd quarter worth approximately $123,000. 98.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

KNTE has been the topic of several recent analyst reports. Wedbush decreased their target price on shares of Kinnate Biopharma from $29.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday. Stifel Nicolaus reduced their price target on shares of Kinnate Biopharma from $11.00 to $8.00 and set a “hold” rating on the stock in a research note on Thursday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Kinnate Biopharma currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

About Kinnate Biopharma

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Kinnate Biopharma Inc, a biopharmaceutical company, focuses on the discovery and development of small molecule kinase inhibitors to treat genomically defined cancers in the United States. The company develops KIN-2787, a rapidly accelerated fibrosarcoma inhibitor for the treatment of patients with lung cancer, melanoma, and other solid tumors; KIN-3248 small-molecule kinase inhibitors that target cancer-associated alterations in fibroblast growth factor receptors FGFR2 and FGFR3 genes; and small molecule research programs, including Cyclin-Dependent Kinase 12(CDK12) inhibitor in its KIN004 program.