Kindred Biosciences Inc (KIN) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Kindred Biosciences Inc (NASDAQ:KIN) from a hold rating to a buy rating in a report published on Friday. They currently have $7.50 price target on the biopharmaceutical company’s stock.

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 commented on the stock. FBR & Co reaffirmed a buy rating on shares of Kindred Biosciences in a report on Wednesday, May 31st. BMO Capital Markets reaffirmed a hold rating and set a $8.00 target price on shares of Kindred Biosciences in a report on Monday, May 15th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $8.25.

Shares of Kindred Biosciences (NASDAQ:KIN) traded down 2.13% during trading on Friday, hitting $6.90. 15,603 shares of the stock were exchanged. Kindred Biosciences has a 52 week low of $3.25 and a 52 week high of $7.55. The firm’s market capitalization is $160.84 million. The stock’s 50 day moving average price is $6.95 and its 200 day moving average price is $6.08.

Kindred Biosciences (NASDAQ:KIN) last released its earnings results 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 predict that Kindred Biosciences will post ($1.40) earnings per share for the current year.

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In other news, major shareholder Park West Asset Management Llc purchased 4,200 shares of the company’s stock in a transaction on Monday, March 13th. The stock was acquired at an average price of $6.20 per share, with a total value of $26,040.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have acquired a total of 577,342 shares of company stock valued at $3,835,050 in the last three months. 19.10% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its stake in shares of Kindred Biosciences by 28.5% in the first quarter. Goldman Sachs Group Inc. now owns 22,336 shares of the biopharmaceutical company’s stock valued at $157,000 after buying an additional 4,954 shares during the last quarter. Park West Asset Management LLC boosted its stake 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 valued at $30,924,000 after buying an additional 2,397,320 shares during the last quarter. Renaissance Technologies LLC boosted its stake 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 valued at $3,559,000 after buying an additional 153,200 shares during the last quarter. Morgan Stanley boosted its stake 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 valued at $14,294,000 after buying an additional 226,822 shares during the last quarter. Finally, UBS Group AG boosted its stake 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 valued at $460,000 after buying an additional 39,411 shares during the last quarter. 66.01% of the stock is owned by institutional investors and hedge funds.

Kindred Biosciences Company Profile

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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