Kindred Biosciences (KIN) Stock Price Up 18.1%

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Kindred Biosciences Inc (NASDAQ:KIN)’s share price rose 18.1% on Wednesday . The stock traded as high as $15.11 and last traded at $14.54. Approximately 569,747 shares changed hands during mid-day trading, an increase of 245% from the average daily volume of 165,033 shares. The stock had previously closed at $12.31.

KIN has been the subject of several research analyst reports. Lake Street Capital initiated coverage on Kindred Biosciences in a research note on Monday, July 23rd. They issued a “buy” rating for the company. CL King raised Kindred Biosciences from a “neutral” rating to a “buy” rating in a research note on Monday, July 9th. B. Riley raised their price objective on Kindred Biosciences from $12.50 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, August 7th. Zacks Investment Research raised Kindred Biosciences from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Wednesday, July 25th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Kindred Biosciences in a research note on Monday, August 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Kindred Biosciences currently has an average rating of “Buy” and an average target price of $17.75.

The firm has a market cap of $419.45 million, a P/E ratio of -11.82 and a beta of 0.33.

Kindred Biosciences (NASDAQ:KIN) last announced its earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.01). On average, equities research analysts forecast that Kindred Biosciences Inc will post -1.51 earnings per share for the current year.

In other Kindred Biosciences news, Director Raymond Townsend sold 3,000 shares of the stock in a transaction on Wednesday, September 26th. The stock was sold at an average price of $13.32, for a total transaction of $39,960.00. Following the sale, the director now owns 27,813 shares in the company, valued at approximately $370,469.16. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Richard Chin sold 40,000 shares of the stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $14.79, for a total value of $591,600.00. Following the sale, the insider now owns 2,073,671 shares in the company, valued at approximately $30,669,594.09. The disclosure for this sale can be found here. In the last quarter, insiders have sold 83,000 shares of company stock worth $1,162,760. 15.96% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the company. Ariel Investments LLC boosted its holdings in shares of Kindred Biosciences by 25.9% during the second 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. Dimensional Fund Advisors LP boosted its holdings in shares of Kindred Biosciences by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,365,002 shares of the biopharmaceutical company’s stock worth $11,807,000 after purchasing an additional 5,587 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Kindred Biosciences by 20.1% during the second 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. Renaissance Technologies LLC boosted its holdings in shares of Kindred Biosciences by 36.5% during the second 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. Finally, Granahan Investment Management Inc. MA boosted its holdings in shares of Kindred Biosciences by 92.9% during the second 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. Institutional investors and hedge funds own 62.64% of the company’s stock.

Kindred Biosciences Company Profile (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.

Further Reading: Closed-End Mutual Funds

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