Kinnate Biopharma (NASDAQ:KNTE) Releases Earnings Results, Misses Estimates By $0.02 EPS

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

Kinnate Biopharma Stock Down 2.6 %

KNTE stock traded down $0.14 during midday trading on Friday, reaching $5.32. 50,883 shares of the company’s stock traded hands, compared to its average volume of 114,619. The company has a 50-day simple moving average of $6.19 and a two-hundred day simple moving average of $8.24. Kinnate Biopharma has a 1-year low of $3.30 and a 1-year high of $15.86. The company has a market cap of $234.98 million, a price-to-earnings ratio of -2.16 and a beta of 0.20.

Institutional Investors Weigh In On Kinnate Biopharma

A number of hedge funds and other institutional investors have recently bought and sold shares of KNTE. Barclays PLC boosted its position in Kinnate Biopharma by 58.1% in the 4th quarter. Barclays PLC now owns 24,386 shares of the company’s stock valued at $149,000 after buying an additional 8,962 shares during the last quarter. Jane Street Group LLC bought a new position in Kinnate Biopharma in the 2nd quarter valued at $147,000. SVB Financial Group bought a new position in Kinnate Biopharma in the 4th quarter valued at $143,000. Marshall Wace LLP bought a new position in Kinnate Biopharma in the 3rd quarter valued at $137,000. Finally, Cubist Systematic Strategies LLC bought a new position in Kinnate Biopharma in the 3rd quarter valued at $123,000. 98.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

KNTE has been the subject of a number of recent research reports. Stifel Nicolaus dropped their target price on Kinnate Biopharma from $11.00 to $8.00 and set a “hold” rating for the company in a report on Thursday. Wedbush dropped their target price on Kinnate Biopharma from $29.00 to $25.00 and set an “outperform” rating for the company in a report on Thursday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Kinnate Biopharma currently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Kinnate Biopharma Company Profile

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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.