Zacks Investment Research Lowers Kindred Biosciences (KIN) to Sell
Kindred Biosciences (NASDAQ:KIN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.
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 equities analysts have also weighed in on KIN. BidaskClub lowered shares of Kindred Biosciences from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 20th. ValuEngine lowered shares of Kindred Biosciences from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 28th. CL King raised shares of Kindred Biosciences from a “neutral” rating to a “buy” rating in a report on Monday, July 9th. Lake Street Capital started coverage on shares of Kindred Biosciences in a report on Monday, July 23rd. They set a “buy” rating for the company. Finally, Cantor Fitzgerald started coverage on shares of Kindred Biosciences in a report on Monday, July 23rd. They set an “overweight” rating and a $20.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Kindred Biosciences has an average rating of “Buy” and an average target price of $16.75.
Kindred Biosciences (NASDAQ:KIN) last posted 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). As a group, sell-side analysts anticipate that Kindred Biosciences will post -1.51 earnings per share for the current year.
In related news, Director Raymond Townsend sold 3,000 shares of the business’s stock in a transaction on Wednesday, September 26th. The shares were sold at an average price of $13.32, for a total value of $39,960.00. Following the completion of the sale, the director now owns 27,813 shares of the company’s stock, valued at approximately $370,469.16. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Richard Chin sold 40,000 shares of the business’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $13.28, for a total transaction of $531,200.00. Following the completion of the sale, the insider now directly owns 2,026,071 shares of the company’s stock, valued at approximately $26,906,222.88. The disclosure for this sale can be found here. In the last three months, insiders sold 123,000 shares of company stock valued at $1,703,160. 15.96% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of KIN. Ariel Investments LLC boosted its stake in Kindred Biosciences by 25.9% during the 2nd quarter. Ariel Investments LLC now owns 2,218,612 shares of the biopharmaceutical company’s stock worth $23,628,000 after purchasing an additional 456,783 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Kindred Biosciences by 36.5% during the 2nd quarter. Renaissance Technologies LLC now owns 948,700 shares of the biopharmaceutical company’s stock worth $10,104,000 after purchasing an additional 253,500 shares during the last quarter. BlackRock Inc. boosted its stake in Kindred Biosciences by 20.1% during the 2nd quarter. BlackRock Inc. now owns 1,325,147 shares of the biopharmaceutical company’s stock worth $14,114,000 after purchasing an additional 221,578 shares during the last quarter. Granahan Investment Management Inc. MA boosted its stake in Kindred Biosciences by 92.9% during the 2nd quarter. Granahan Investment Management Inc. MA now owns 318,741 shares of the biopharmaceutical company’s stock worth $3,395,000 after purchasing an additional 153,479 shares during the last quarter. Finally, Sit Investment Associates Inc. acquired a new stake in Kindred Biosciences during the 2nd quarter worth $752,000. 62.59% of the stock is owned by institutional investors.
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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