Kinnate Biopharma (NASDAQ:KNTE) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Kinnate Biopharma (NASDAQ:KNTE – Get Rating) issued its quarterly earnings results on Wednesday. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.02), Yahoo Finance reports.

Kinnate Biopharma Price Performance

KNTE stock traded down $0.22 during midday trading on Friday, hitting $5.24. The stock had a trading volume of 71,204 shares, compared to its average volume of 115,109. Kinnate Biopharma has a 12-month low of $3.30 and a 12-month high of $15.86. The firm has a market cap of $231.45 million, a PE ratio of -2.16 and a beta of 0.20. The company’s 50-day moving average price is $6.19 and its 200 day moving average price is $8.24.

Institutional Trading of Kinnate Biopharma

Hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new stake in shares of Kinnate Biopharma during the 1st quarter valued at $27,000. Tower Research Capital LLC TRC raised its position in shares of Kinnate Biopharma by 263.6% in the 3rd quarter. Tower Research Capital LLC TRC now owns 6,926 shares of the company’s stock worth $83,000 after buying an additional 5,021 shares during the period. BNP Paribas Arbitrage SNC purchased a new stake in Kinnate Biopharma during the third quarter valued at about $111,000. Principal Financial Group Inc. purchased a new stake in Kinnate Biopharma during the fourth quarter valued at about $62,000. Finally, Two Sigma Investments LP acquired a new stake in Kinnate Biopharma during the third quarter worth about $123,000. 98.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

KNTE has been the subject of several research analyst reports. Wedbush decreased their price objective on Kinnate Biopharma from $29.00 to $25.00 and set an “outperform” rating for the company in a report on Thursday. Stifel Nicolaus reduced their price objective on Kinnate Biopharma from $11.00 to $8.00 and set a “hold” rating for the company in a research note on Thursday. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

About Kinnate Biopharma

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Kinnate Biopharma Inc, a biopharmaceutical company, focuses on the discovery and development of small molecule kinase inhibitors to treat genomically defined cancers in the United States. The company develops KIN-2787, a rapidly accelerated fibrosarcoma inhibitor for the treatment of patients with lung cancer, melanoma, and other solid tumors; KIN-3248 small-molecule kinase inhibitors that target cancer-associated alterations in fibroblast growth factor receptors FGFR2 and FGFR3 genes; and small molecule research programs, including Cyclin-Dependent Kinase 12(CDK12) inhibitor in its KIN004 program.