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

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

Kinnate Biopharma Stock Down 0.9 %

Shares of NASDAQ:KNTE opened at $5.41 on Friday. The firm has a market cap of $238.96 million, a price-to-earnings ratio of -2.16 and a beta of 0.20. Kinnate Biopharma has a 12 month low of $3.30 and a 12 month high of $15.86. The company’s fifty day simple moving average is $6.19 and its 200 day simple moving average is $8.24.

Institutional Trading of Kinnate Biopharma

Several hedge funds and other institutional investors have recently modified their holdings of the company. Alliancebernstein L.P. bought a new stake in shares of Kinnate Biopharma in the fourth quarter worth $81,000. Jane Street Group LLC bought a new position in shares of Kinnate Biopharma in the 4th quarter valued at about $77,000. SVB Financial Group bought a new stake in Kinnate Biopharma during the fourth quarter worth about $143,000. Squarepoint Ops LLC bought a new position in Kinnate Biopharma in the fourth quarter valued at approximately $153,000. Finally, Marshall Wace LLP raised its stake in shares of Kinnate Biopharma by 30.5% during the 4th quarter. Marshall Wace LLP now owns 14,944 shares of the company’s stock worth $91,000 after purchasing an additional 3,492 shares in the last quarter. Institutional investors and hedge funds own 98.68% of the company’s stock.

Wall Street Analysts Forecast Growth

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