Fidelity Management & Research Co recently announced the acquisition of new stake in Kinnate Biopharma Inc. (NASDAQ:KNTE). The institutional investor has increased its shareholding in the Healthcare company by 10.82% to 2.42 million shares with purchase of 0.24 million shares. This fresh investment now brings its stake to 5.49% valued currently at $14.79 million. In addition, Avidity Partners Management LP raised its holdings by 1.21 million to 1.21 million shares. And The Vanguard Group, Inc. has lifted its position by 1.56% or 15186.0 shares – to 0.99 million shares.
With over 0.12 million Kinnate Biopharma Inc. (KNTE) shares trading Monday and a closing price of $6.00 on the day, the dollar volume was approximately $0.72 million. The shares have shown a negative half year performance of -48.45% and its price on 01/23/23 gained nearly 1.35%. Currently, there are 44.15M common shares owned by the public and among those 43.94M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for KNTE have a consensus price objective of $29.67. The analysts have set the share’s price value over the next 12 months at a high of $46.00 and a low of $11.00. The average price target is 80.09% above its recent price level and an upside to the estimated low will see the stock gain 45.45% over that period. But an upside of 86.96% will see the stock hit the forecast high price target while median target price for the stock is $29.50.
Insiders at the company have transacted a total of 16 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 13 of these insider trades were purchases, accounting for 548,900 shares. Insider sales of the common stock occurred on 3 occasions, with total insider shares sold totaling 2,541 shares.
The top 3 mutual fund holders in Kinnate Biopharma Inc. are Fidelity Select Port. – Biotechno, iShares Russell 2000 ETF, and Vanguard Total Stock Market Index. Fidelity Select Port. – Biotechno owns 1.81 million shares of the company’s stock, all valued at over $11.05 million. The company sold -0.2 million shares recently to bring their total holdings to about 4.10% of the shares outstanding. iShares Russell 2000 ETF sold 6771.0 shares to see its total holdings shrink to 0.65 million shares valued at over $3.97 million and representing 1.47% of the shares outstanding. Vanguard Total Stock Market Index now owns shares totaling to 1.44% of the shares outstanding.
Shares of Kinnate Biopharma Inc. (NASDAQ: KNTE) opened at $5.89, down -$0.03 from a prior closing price of $5.92. However, the script later moved the day high at 6.15, up 1.35%. The company’s stock has a 5-day price change of -6.25% and -29.74% over the past three months. KNTE shares are trading -1.64% year to date (YTD), with the 12-month market performance down to -52.98% lower. It has a 12-month low price of $5.17 and touched a high of $15.86 over the same period. KNTE has an average intraday trading volume of 122.66K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.49%, -14.55%, and -39.58% respectively.
Institutional ownership of Kinnate Biopharma Inc. (NASDAQ: KNTE) shares accounts for 98.90% of the company’s 44.15M shares outstanding. Mutual fund holders own 28.72%, while other institutional holders and individual stakeholders account for 33.03% and 15.67% respectively.
It has a market capitalization of $263.22M. The earnings-per-share (ttm) stands at -$2.52. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.44% over the week and 8.07% over the month.
Analysts forecast that Kinnate Biopharma Inc. (KNTE) will achieve an EPS of -$0.61 for the current quarter, -$0.62 for the next quarter and -$2.66 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.66 while analysts give the company a high EPS estimate of -$0.36. Comparatively, EPS for the current quarter was -$0.57 a year ago. Earnings per share for the fiscal year are expected to decrease by -150.30%, and -11.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Kinnate Biopharma Inc. (KNTE) as a “Strong Buy” at a consensus score of 1.60. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 1 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the KNTE, a number of firms have released research notes about the stock. Stifel stated their Hold rating for the stock in a research note on November 17, 2022, with the firm’s price target at $35-$11. H.C. Wainwright coverage for the Kinnate Biopharma Inc. (KNTE) stock in a research note released on July 28, 2022 offered a Buy rating with a price target of $33. Jefferies was of a view on September 27, 2021 that the stock is Buy, while Stifel gave the stock Buy rating on September 23, 2021, issuing a price target of $32. William Blair on their part issued Outperform rating on July 13, 2021.