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Why Is Kodiak Sciences (KOD) Down 26.2% Since Last Earnings Report?
KodiakKodiak(US:KOD) ZACKSยท2024-06-14 16:30

Core Viewpoint - Kodiak Sciences Inc. has experienced a significant decline in share price, losing approximately 26.2% over the past month, underperforming the S&P 500 [1] Financial Performance - For Q1 2024, Kodiak reported a loss per share of 82 cents, which was narrower than the Zacks Consensus Estimate of a loss of $1.09, and an improvement from a loss of $1.35 per share in the same quarter last year [10] - Research and development expenses were reported at $29.9 million, reflecting a 47% decrease year over year, primarily due to the conclusion of some clinical studies on its lead pipeline candidate, tarcocimab [3] - General and administrative expenses amounted to $16.1 million, down 11% year over year, mainly due to lower non-cash stock-based compensation expenses [11] Cash Position - As of March 31, 2024, Kodiak had cash, cash equivalents, and marketable securities totaling $245.9 million, a decrease from $285.5 million as of December 31, 2023. The company believes this cash balance is sufficient to support its operations into 2026 [4] Market Outlook - Estimates for Kodiak Sciences have trended upward over the past month, with a consensus estimate shift of 15.48% [5][12] - The company holds a Zacks Rank 3 (Hold), indicating an expectation of an in-line return in the coming months [17] Industry Comparison - Kodiak Sciences operates within the Zacks Medical - Biomedical and Genetics industry, where another player, Halozyme Therapeutics, has seen a 9.3% gain over the past month [7] - Halozyme Therapeutics reported revenues of $195.88 million for the last quarter, representing a year-over-year increase of 20.8% [18]