Kindred Biosciences (KIN) Sees Strong Trading Volume

Kindred Biosciences Inc (NASDAQ:KIN) saw strong trading volume on Friday . 677,801 shares were traded during mid-day trading, an increase of 188% from the previous session’s volume of 235,594 shares.The stock last traded at $10.83 and had previously closed at $10.47.

Several equities analysts recently weighed in on the company. HC Wainwright set a $19.00 price target on Kindred Biosciences and gave the company a “buy” rating in a research note on Thursday, November 8th. B. Riley lifted their price target on Kindred Biosciences from $16.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, November 8th. Cantor Fitzgerald set a $25.00 price target on Kindred Biosciences and gave the company a “buy” rating in a research note on Monday, December 3rd. BidaskClub upgraded Kindred Biosciences from a “hold” rating to a “buy” rating in a research note on Tuesday, November 27th. Finally, Zacks Investment Research lowered Kindred Biosciences from a “hold” rating to a “sell” rating in a research note on Tuesday, November 13th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Kindred Biosciences currently has a consensus rating of “Buy” and a consensus target price of $19.35.

The company has a market cap of $355.75 million, a price-to-earnings ratio of -8.80 and a beta of 0.65.

In related news, CEO Richard Chin sold 40,000 shares of Kindred Biosciences stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $13.28, for a total value of $531,200.00. Following the sale, the chief executive officer now directly owns 1,946,071 shares in the company, valued at approximately $25,843,822.88. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Park West Asset Management Llc acquired 741,840 shares of the firm’s stock in a transaction that occurred on Friday, January 18th. The stock was acquired at an average price of $9.50 per share, for a total transaction of $7,047,480.00. The disclosure for this purchase can be found here. 15.96% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc lifted its holdings in Kindred Biosciences by 24.6% in the third 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 last quarter. Metropolitan Life Insurance Co. NY lifted its holdings in Kindred Biosciences by 362.9% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 9,647 shares of the biopharmaceutical company’s stock valued at $106,000 after acquiring an additional 7,563 shares during the last quarter. Meeder Asset Management Inc. lifted its holdings 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 valued at $111,000 after acquiring an additional 1,518 shares during the last quarter. Grassi Investment Management acquired a new position in Kindred Biosciences in the fourth quarter valued at approximately $126,000. Finally, Teton Advisors Inc. acquired a new position in Kindred Biosciences in the fourth quarter valued at approximately $142,000. Hedge funds and other institutional investors own 67.08% of the company’s stock.

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About Kindred Biosciences (NASDAQ:KIN)

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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