Kindred Biosciences Inc (NASDAQ:KIN) Sees Significant Drop in Short Interest

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Kindred Biosciences Inc (NASDAQ:KIN) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 815,100 shares, a decrease of 8.3% from the September 30th total of 889,100 shares. Based on an average trading volume of 113,500 shares, the days-to-cover ratio is presently 7.2 days. Approximately 2.2% of the company’s shares are sold short.

Several brokerages recently weighed in on KIN. ValuEngine raised shares of Kindred Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 15th. Zacks Investment Research raised shares of Kindred Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday. BidaskClub raised shares of Kindred Biosciences from a “sell” rating to a “hold” rating in a research note on Tuesday, November 5th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $16.00 target price (down from $17.50) on shares of Kindred Biosciences in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $13.94.

Large investors have recently modified their holdings of the stock. PARK CIRCLE Co acquired a new stake in Kindred Biosciences during the 2nd quarter worth $27,000. Bank of Montreal Can lifted its stake in shares of Kindred Biosciences by 2,368.3% in the 2nd quarter. Bank of Montreal Can now owns 3,505 shares of the biopharmaceutical company’s stock worth $29,000 after acquiring an additional 3,363 shares during the period. Marshall Wace LLP acquired a new stake in shares of Kindred Biosciences in the 1st quarter worth $53,000. Tower Research Capital LLC TRC acquired a new stake in shares of Kindred Biosciences in the 3rd quarter worth $46,000. Finally, Gabelli Funds LLC acquired a new stake in shares of Kindred Biosciences in the 2nd quarter worth $108,000. Hedge funds and other institutional investors own 68.21% of the company’s stock.

Shares of NASDAQ:KIN traded down $0.04 during trading hours on Friday, reaching $7.77. The stock had a trading volume of 112,000 shares, compared to its average volume of 94,361. The stock has a market capitalization of $305.30 million, a price-to-earnings ratio of -4.86 and a beta of 0.45. The firm’s 50 day moving average is $7.62 and its 200-day moving average is $7.79. The company has a debt-to-equity ratio of 0.21, a quick ratio of 10.79 and a current ratio of 9.30. Kindred Biosciences has a 1 year low of $5.96 and a 1 year high of $13.96.

Kindred Biosciences (NASDAQ:KIN) last issued its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.39) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.02). The business had revenue of $1.10 million for the quarter, compared to analyst estimates of $1.55 million. Kindred Biosciences had a negative return on equity of 58.86% and a negative net margin of 1,461.28%. Analysts forecast that Kindred Biosciences will post -1.58 EPS for the current year.

Kindred Biosciences Company Profile

Kindred Biosciences, Inc, a commercial-stage biopharmaceutical company, focusing on developing therapies for pets. Its product pipeline consists of small molecules and biologics for a range of indications in dogs, cats, and horses. The company offers Mirataz, a mirtazapine transdermal ointment for the management of weight loss in cats.

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