Chinook Therapeutics (NASDAQ:KDNY) Shares Gap Down to $15.11

Chinook Therapeutics, Inc. (NASDAQ:KDNYGet Rating) gapped down prior to trading on Wednesday . The stock had previously closed at $15.11, but opened at $14.10. Chinook Therapeutics shares last traded at $14.08, with a volume of 74,056 shares.

Several brokerages recently issued reports on KDNY. Zacks Investment Research raised shares of Chinook Therapeutics from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a report on Tuesday. SVB Leerink lifted their target price on shares of Chinook Therapeutics from $38.00 to $44.00 and gave the company an “outperform” rating in a research report on Monday.

The stock has a market capitalization of $758.68 million, a PE ratio of -6.80 and a beta of 0.10. The firm’s 50 day moving average is $15.00 and its two-hundred day moving average is $14.60.

Chinook Therapeutics (NASDAQ:KDNYGet Rating) last issued its earnings results on Thursday, May 12th. The company reported ($0.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.14. The business had revenue of $2.70 million during the quarter. Chinook Therapeutics had a negative net margin of 180.48% and a negative return on equity of 23.24%. As a group, analysts predict that Chinook Therapeutics, Inc. will post -2.89 EPS for the current fiscal year.

In related news, insider Andrew James King sold 5,000 shares of the stock in a transaction dated Monday, April 11th. The shares were sold at an average price of $15.36, for a total value of $76,800.00. Following the sale, the insider now directly owns 5,897 shares of the company’s stock, valued at approximately $90,577.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 23.38% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alps Advisors Inc. raised its holdings in Chinook Therapeutics by 11.5% in the fourth quarter. Alps Advisors Inc. now owns 61,221 shares of the company’s stock valued at $999,000 after buying an additional 6,318 shares during the period. Russell Investments Group Ltd. boosted its holdings in Chinook Therapeutics by 16.0% in the fourth quarter. Russell Investments Group Ltd. now owns 17,849 shares of the company’s stock worth $291,000 after purchasing an additional 2,458 shares during the period. Rock Springs Capital Management LP boosted its holdings in Chinook Therapeutics by 0.8% in the third quarter. Rock Springs Capital Management LP now owns 688,149 shares of the company’s stock worth $8,781,000 after purchasing an additional 5,700 shares during the period. Monashee Investment Management LLC acquired a new position in Chinook Therapeutics in the fourth quarter worth $1,549,000. Finally, Rafferty Asset Management LLC boosted its holdings in shares of Chinook Therapeutics by 81.3% during the third quarter. Rafferty Asset Management LLC now owns 46,155 shares of the company’s stock valued at $589,000 after acquiring an additional 20,692 shares during the period. 84.23% of the stock is currently owned by institutional investors and hedge funds.

Chinook Therapeutics Company Profile (NASDAQ:KDNY)

Chinook Therapeutics, Inc, a clinical-stage biotechnology company, focuses on the discovery, development, and commercialization of precision medicines for kidney diseases. The company's lead clinical program is atrasentan, a Phase III endothelin receptor antagonist for the treatment of IgA nephropathy and other proteinuric glomerular diseases.

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