Kindred Biosciences (NASDAQ:KIN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
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 weighed in on KIN. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Kindred Biosciences in a report on Monday. LADENBURG THALM/SH SH downgraded shares of Kindred Biosciences from a “buy” rating to a “neutral” rating in a report on Tuesday, August 7th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $20.00 target price on shares of Kindred Biosciences in a report on Thursday, August 9th. B. Riley upped their target price on shares of Kindred Biosciences from $12.50 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. Finally, Lake Street Capital began coverage on shares of Kindred Biosciences in a report on Monday, July 23rd. They issued a “buy” rating for the company. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Kindred Biosciences has an average rating of “Buy” and an average target price of $16.75.
Kindred Biosciences (NASDAQ:KIN) last issued its earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.01). analysts expect that Kindred Biosciences will post -1.49 earnings per share for the current fiscal year.
In related news, major shareholder Park West Asset Management Llc acquired 845,262 shares of the company’s stock in a transaction on Wednesday, June 20th. The stock was acquired at an average price of $9.50 per share, with a total value of $8,029,989.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Richard Chin sold 3,060 shares of the stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $10.00, for a total transaction of $30,600.00. Following the transaction, the insider now directly owns 2,241,681 shares of the company’s stock, valued at approximately $22,416,810. The disclosure for this sale can be found here. Insiders have sold a total of 135,670 shares of company stock valued at $1,513,500 in the last three months. Insiders own 15.96% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in KIN. Tower Research Capital LLC TRC boosted its holdings in shares of Kindred Biosciences by 764.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,671 shares of the biopharmaceutical company’s stock valued at $103,000 after purchasing an additional 8,552 shares during the last quarter. Metropolitan Life Insurance Co. NY bought a new position in shares of Kindred Biosciences during the 2nd quarter valued at about $103,000. Paloma Partners Management Co bought a new position in shares of Kindred Biosciences during the 2nd quarter valued at about $119,000. MetLife Investment Advisors LLC bought a new position in shares of Kindred Biosciences during the 2nd quarter valued at about $146,000. Finally, Citadel Advisors LLC bought a new position in shares of Kindred Biosciences during the 2nd quarter valued at about $218,000. 62.59% of the stock is owned by institutional investors and hedge funds.
About Kindred Biosciences
Kindred Biosciences, Inc, a biopharmaceutical company, focuses on the development of therapies for pets. The company's product pipeline includes small molecules and biologics for a range of indications in dogs, cats, and horses. Its lead product candidates comprise Zimeta, a dipyrone injection for the control of pyrexia (fever) in horses; and Mirataz, a mirtazapine transdermal ointment for the management of weight loss in cats.
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