Zacks Investment Research Upgrades Chinook Therapeutics (NASDAQ:KDNY) to Buy

Chinook Therapeutics (NASDAQ:KDNY – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $17.00 price objective on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 15.10% from the stock’s current price.

According to Zacks, “Chinook Therapeutics, Inc. is a clinical-stage biotechnology company. It focuses on developing precision medicines for kidney diseases. Chinook Therapeutics, Inc., formerly known as Aduro Biotech Inc., is based in BERKELEY, Calif. “

Separately, SVB Leerink boosted their price target on shares of Chinook Therapeutics from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Monday.

NASDAQ KDNY opened at $14.77 on Tuesday. Chinook Therapeutics has a 52-week low of $10.48 and a 52-week high of $19.85. The company has a market capitalization of $814.96 million, a P/E ratio of -7.17 and a beta of 0.10. The company has a fifty day moving average of $14.98 and a 200-day moving average of $14.59.

Chinook Therapeutics (NASDAQ:KDNY – Get Rating) last posted its quarterly earnings results on Thursday, May 12th. The company reported ($0.54) earnings per share for the quarter, topping 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, sell-side analysts predict that Chinook Therapeutics will post -2.89 earnings per share for the current fiscal year.

In other Chinook Therapeutics news, insider Andrew James King sold 5,000 shares of the business’s 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 transaction, the insider now owns 5,897 shares in the company, valued at $90,577.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.38% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Chinook Therapeutics during the first quarter valued at about $31,000. Royal Bank of Canada increased its position in shares of Chinook Therapeutics by 193.7% during the second quarter. Royal Bank of Canada now owns 2,182 shares of the company’s stock valued at $30,000 after buying an additional 1,439 shares during the period. Lazard Asset Management LLC purchased a new stake in Chinook Therapeutics in the first quarter worth about $76,000. Invesco Ltd. purchased a new stake in Chinook Therapeutics in the second quarter worth about $148,000. Finally, Squarepoint Ops LLC purchased a new stake in Chinook Therapeutics in the fourth quarter worth about $177,000. Institutional investors own 84.23% of the company’s stock.

About Chinook Therapeutics (Get Rating)

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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