Kindred Biosciences, Inc. (KIN) Rating Lowered to Hold at Zacks Investment Research

Kindred Biosciences, Inc. (NASDAQ:KIN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.

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. “

Other research analysts also recently issued reports about the company. FBR & Co began coverage on Kindred Biosciences in a research note on Wednesday, May 24th. They issued an “outperform” rating and a $10.00 price objective for the company. BMO Capital Markets restated a “hold” rating and issued a $8.00 target price on shares of Kindred Biosciences in a report on Monday, May 15th. Aegis assumed coverage on Kindred Biosciences in a report on Friday. They issued a “buy” rating and a $10.50 target price for the company. Finally, ValuEngine upgraded Kindred Biosciences from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $8.80.

Analyst Recommendations for Kindred Biosciences (NASDAQ:KIN)

Shares of Kindred Biosciences (NASDAQ:KIN) opened at 7.00 on Friday. The firm’s 50-day moving average is $6.92 and its 200-day moving average is $6.30. The company’s market cap is $163.17 million. Kindred Biosciences has a 1-year low of $3.25 and a 1-year high of $7.55.

Kindred Biosciences (NASDAQ:KIN) last posted its quarterly earnings data on Thursday, May 4th. The biopharmaceutical company reported ($0.30) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.34) by $0.04. On average, equities analysts forecast that Kindred Biosciences will post ($1.44) earnings per share for the current fiscal year.

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In other Kindred Biosciences news, major shareholder Park West Asset Management Llc purchased 15,311 shares of the stock in a transaction dated Thursday, June 8th. The stock was acquired at an average cost of $6.65 per share, for a total transaction of $101,818.15. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 19.10% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in Kindred Biosciences by 28.5% in the first quarter. Goldman Sachs Group Inc. now owns 22,336 shares of the biopharmaceutical company’s stock worth $157,000 after buying an additional 4,954 shares in the last quarter. Park West Asset Management LLC boosted its position in shares of Kindred Biosciences by 120.5% in the first quarter. Park West Asset Management LLC now owns 4,386,404 shares of the biopharmaceutical company’s stock worth $30,924,000 after buying an additional 2,397,320 shares during the period. Renaissance Technologies LLC boosted its position in shares of Kindred Biosciences by 43.6% in the first quarter. Renaissance Technologies LLC now owns 504,800 shares of the biopharmaceutical company’s stock worth $3,559,000 after buying an additional 153,200 shares during the period. Morgan Stanley boosted its position in shares of Kindred Biosciences by 12.6% in the first quarter. Morgan Stanley now owns 2,027,560 shares of the biopharmaceutical company’s stock worth $14,294,000 after buying an additional 226,822 shares during the period. Finally, UBS Group AG boosted its position in shares of Kindred Biosciences by 152.7% in the first quarter. UBS Group AG now owns 65,217 shares of the biopharmaceutical company’s stock worth $460,000 after buying an additional 39,411 shares during the period. Institutional investors and hedge funds own 69.53% of the company’s stock.

About Kindred Biosciences

Kindred Biosciences, Inc is a development-stage biopharmaceutical company. The Company is focused on developing therapies for pets. The Company’s product pipeline consists of small molecules and biologics for a range of indications in dogs, cats and horses. The Company is developing product candidates for over 20 indications and focused on small molecule products and canine and feline biologics products.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:KIN”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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