Chinook Therapeutics, Inc. (NASDAQ:KDNY – Get Rating) was the recipient of a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 2,080,000 shares, an increase of 10.6% from the November 30th total of 1,880,000 shares. Based on an average trading volume of 541,000 shares, the short-interest ratio is currently 3.8 days.
Insider Activity at Chinook Therapeutics
In related news, insider Andrew James King sold 3,557 shares of the stock in a transaction dated Thursday, October 6th. The shares were sold at an average price of $19.69, for a total value of $70,037.33. Following the sale, the insider now directly owns 12,492 shares of the company’s stock, valued at approximately $245,967.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Chinook Therapeutics news, COO Tom Frohlich sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, December 13th. The shares were sold at an average price of $25.00, for a total transaction of $250,000.00. Following the sale, the chief operating officer now directly owns 143,907 shares of the company’s stock, valued at approximately $3,597,675. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew James King sold 3,557 shares of the firm’s stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $19.69, for a total transaction of $70,037.33. Following the sale, the insider now directly owns 12,492 shares in the company, valued at $245,967.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,687 shares of company stock valued at $1,484,469. Insiders own 23.38% of the company’s stock.
Institutional Trading of Chinook Therapeutics
A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Chinook Therapeutics by 9.6% during the third quarter. BlackRock Inc. now owns 3,651,299 shares of the company’s stock valued at $71,785,000 after purchasing an additional 319,169 shares during the period. Frazier Life Sciences Management L.P. raised its stake in shares of Chinook Therapeutics by 32.6% during the second quarter. Frazier Life Sciences Management L.P. now owns 3,595,026 shares of the company’s stock valued at $62,877,000 after purchasing an additional 882,985 shares during the period. Deep Track Capital LP raised its stake in shares of Chinook Therapeutics by 23.9% during the first quarter. Deep Track Capital LP now owns 3,000,000 shares of the company’s stock valued at $49,080,000 after purchasing an additional 579,498 shares during the period. State Street Corp raised its stake in shares of Chinook Therapeutics by 58.8% during the third quarter. State Street Corp now owns 2,465,719 shares of the company’s stock valued at $48,476,000 after purchasing an additional 912,778 shares during the period. Finally, Point72 Asset Management L.P. raised its stake in shares of Chinook Therapeutics by 0.9% during the third quarter. Point72 Asset Management L.P. now owns 2,440,754 shares of the company’s stock valued at $47,985,000 after purchasing an additional 21,655 shares during the period. Hedge funds and other institutional investors own 93.86% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have issued reports on the stock. Wedbush reaffirmed an “outperform” rating on shares of Chinook Therapeutics in a research note on Friday, November 11th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Chinook Therapeutics in a report on Thursday, November 17th. Stifel Nicolaus increased their price objective on shares of Chinook Therapeutics from $30.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, December 22nd. HC Wainwright increased their price objective on shares of Chinook Therapeutics from $32.00 to $33.00 in a report on Wednesday, November 23rd. Finally, Wells Fargo & Company began coverage on shares of Chinook Therapeutics in a report on Monday, December 5th. They set an “overweight” rating and a $30.00 price objective on the stock. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $37.50.
Chinook Therapeutics Price Performance
NASDAQ KDNY traded up $0.30 during mid-day trading on Monday, hitting $26.20. The company’s stock had a trading volume of 12,554 shares, compared to its average volume of 520,967. Chinook Therapeutics has a 52-week low of $11.16 and a 52-week high of $27.44. The stock’s fifty day simple moving average is $23.04 and its two-hundred day simple moving average is $20.96. The firm has a market capitalization of $1.68 billion, a P/E ratio of -14.24 and a beta of 0.02.
Chinook Therapeutics (NASDAQ:KDNY – Get Rating) last posted its quarterly earnings results on Thursday, November 10th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of ($0.62) by ($0.21). The business had revenue of $2.50 million during the quarter, compared to analysts’ expectations of $0.35 million. Chinook Therapeutics had a negative net margin of 207.15% and a negative return on equity of 25.30%. On average, equities analysts forecast that Chinook Therapeutics will post -2.74 earnings per share for the current fiscal year.
Chinook Therapeutics Company Profile
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.