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Why Is Kodiak Sciences (KOD) Down 8.1% Since Last Earnings Report?
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A month has gone by since the last earnings report for Kodiak Sciences Inc. (KOD - Free Report) . Shares have lost about 8.1% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Kodiak Sciences due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Kodiak Q2 Loss Narrower Than Expected, Pipeline in Focus
Kodiak incurred a loss of 86 cents per share in the second quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 87 cents. The company had incurred a loss of $1.53 per share in the year-ago quarter.
The company currently does not have any approved products in its portfolio. As a result, it is yet to generate revenues.
Quarter in Detail
Research and development expenses were $32.5 million in the reported quarter, down 51.5% year over year. The decrease was mainly due to the reduction in expenses owing to lower manufacturing costs and lower cost of clinical studies on its lead pipeline candidate, tarcocimab.
General and administrative expenses were $15.5 million, down 13.4% on a year-over-year basis, primarily due to lower non-cash stock-based compensation expenses.
As of Jun 30, 2024, Kodiak had cash, cash equivalents and marketable securities worth $219.2 million compared with $245.9 million as of Mar 31, 2024. The company believes that its current cash balance is enough to support its present and planned operations into 2026.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in fresh estimates.
VGM Scores
At this time, Kodiak Sciences has a great Growth Score of A, a grade with the same score on the momentum front. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Kodiak Sciences has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Kodiak Sciences is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Exact Sciences (EXAS - Free Report) , a stock from the same industry, has gained 15.3%. The company reported its results for the quarter ended June 2024 more than a month ago.
Exact Sciences reported revenues of $699.26 million in the last reported quarter, representing a year-over-year change of +12.4%. EPS of -$0.09 for the same period compares with -$0.45 a year ago.
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A month has gone by since the last earnings report for Kodiak Sciences Inc. (KOD - Free Report) . Shares have lost about 8.1% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Kodiak Sciences due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Kodiak Q2 Loss Narrower Than Expected, Pipeline in Focus
Kodiak incurred a loss of 86 cents per share in the second quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 87 cents. The company had incurred a loss of $1.53 per share in the year-ago quarter.
The company currently does not have any approved products in its portfolio. As a result, it is yet to generate revenues.
Quarter in Detail
Research and development expenses were $32.5 million in the reported quarter, down 51.5% year over year. The decrease was mainly due to the reduction in expenses owing to lower manufacturing costs and lower cost of clinical studies on its lead pipeline candidate, tarcocimab.
General and administrative expenses were $15.5 million, down 13.4% on a year-over-year basis, primarily due to lower non-cash stock-based compensation expenses.
As of Jun 30, 2024, Kodiak had cash, cash equivalents and marketable securities worth $219.2 million compared with $245.9 million as of Mar 31, 2024. The company believes that its current cash balance is enough to support its present and planned operations into 2026.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in fresh estimates.
VGM Scores
At this time, Kodiak Sciences has a great Growth Score of A, a grade with the same score on the momentum front. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Kodiak Sciences has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Kodiak Sciences is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Exact Sciences (EXAS - Free Report) , a stock from the same industry, has gained 15.3%. The company reported its results for the quarter ended June 2024 more than a month ago.
Exact Sciences reported revenues of $699.26 million in the last reported quarter, representing a year-over-year change of +12.4%. EPS of -$0.09 for the same period compares with -$0.45 a year ago.