Kinnate Biopharma (NASDAQ:KNTE) Announces Quarterly Earnings Results, Meets Expectations

Kinnate Biopharma (NASDAQ:KNTEGet Rating) issued its quarterly earnings data on Thursday. The company reported ($0.61) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.61), MarketWatch Earnings reports.

Shares of NASDAQ:KNTE traded up $0.62 during mid-day trading on Friday, hitting $9.25. 134,931 shares of the company traded hands, compared to its average volume of 161,597. The stock has a 50-day moving average price of $9.39 and a two-hundred day moving average price of $13.57. Kinnate Biopharma has a 12-month low of $7.29 and a 12-month high of $27.00.

In other Kinnate Biopharma news, insider Richard Thomas Williams bought 15,000 shares of the firm’s stock in a transaction on Friday, March 11th. The shares were acquired at an average cost of $8.64 per share, for a total transaction of $129,600.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Carl L. Gordon acquired 30,700 shares of the business’s stock in a transaction dated Monday, February 14th. The stock was purchased at an average price of $9.95 per share, with a total value of $305,465.00. The disclosure for this purchase can be found here. In the last three months, insiders acquired 70,700 shares of company stock worth $644,315. Insiders own 44.20% of the company’s stock.

Several large investors have recently added to or reduced their stakes in KNTE. Morgan Stanley boosted its holdings in Kinnate Biopharma by 362.8% in the 3rd quarter. Morgan Stanley now owns 402,875 shares of the company’s stock worth $9,273,000 after buying an additional 315,822 shares during the period. BlackRock Inc. raised its position in Kinnate Biopharma by 9.2% in the 4th quarter. BlackRock Inc. now owns 2,047,035 shares of the company’s stock worth $36,273,000 after purchasing an additional 172,674 shares during the period. State Street Corp raised its position in Kinnate Biopharma by 16.9% in the 4th quarter. State Street Corp now owns 388,930 shares of the company’s stock worth $6,892,000 after purchasing an additional 56,355 shares during the period. Geode Capital Management LLC grew its stake in Kinnate Biopharma by 7.8% in the 4th quarter. Geode Capital Management LLC now owns 363,632 shares of the company’s stock worth $6,443,000 after acquiring an additional 26,410 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Kinnate Biopharma by 64.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 66,990 shares of the company’s stock worth $1,543,000 after acquiring an additional 26,267 shares in the last quarter. 96.39% of the stock is currently owned by hedge funds and other institutional investors.

KNTE has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Kinnate Biopharma from a “sell” rating to a “hold” rating in a research note on Wednesday, March 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $35.00 price objective on shares of Kinnate Biopharma in a report on Friday, February 11th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $41.67.

About Kinnate Biopharma (Get Rating)

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.

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Earnings History for Kinnate Biopharma (NASDAQ:KNTE)

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