Kinnate Biopharma (NASDAQ:KNTE) Releases Earnings Results, Misses Expectations By $0.02 EPS

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

Kinnate Biopharma Stock Up 16.9 %

KNTE stock opened at $5.46 on Friday. The business has a 50 day moving average price of $6.19 and a two-hundred day moving average price of $8.24. The company has a market cap of $241.17 million, a price-to-earnings ratio of -2.16 and a beta of 0.20. Kinnate Biopharma has a twelve month low of $3.30 and a twelve month high of $15.86.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. American International Group Inc. grew its stake in Kinnate Biopharma by 7.0% in the second quarter. American International Group Inc. now owns 13,677 shares of the company’s stock valued at $172,000 after purchasing an additional 899 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Kinnate Biopharma by 6.0% during the 1st quarter. Rhumbline Advisers now owns 32,079 shares of the company’s stock worth $361,000 after acquiring an additional 1,809 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Kinnate Biopharma by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 149,051 shares of the company’s stock worth $909,000 after acquiring an additional 2,257 shares during the period. Quantbot Technologies LP bought a new position in shares of Kinnate Biopharma during the 1st quarter worth approximately $27,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Kinnate Biopharma by 2.9% during the 4th quarter. Renaissance Technologies LLC now owns 103,400 shares of the company’s stock worth $631,000 after acquiring an additional 2,900 shares during the period. 98.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

KNTE has been the topic of a number of research analyst reports. Stifel Nicolaus dropped their price target on Kinnate Biopharma from $11.00 to $8.00 and set a “hold” rating on the stock in a research report on Thursday. Wedbush decreased their price objective on Kinnate Biopharma from $29.00 to $25.00 and set an “outperform” rating for the company in a report on Thursday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Kinnate Biopharma presently has an average rating of “Moderate Buy” and an average price target 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.