Short Interest in Codiak BioSciences, Inc. (NASDAQ:CDAK) Drops By 20.3%

Codiak BioSciences, Inc. (NASDAQ:CDAK – Get Rating) was the target of a significant decline in short interest in July. As of July 15th, there was short interest totalling 1,140,000 shares, a decline of 20.3% from the June 30th total of 1,430,000 shares. Based on an average daily volume of 165,100 shares, the days-to-cover ratio is currently 6.9 days. Approximately 7.5% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group lowered their target price on Codiak BioSciences from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Tuesday, July 5th.

Institutional Investors Weigh In On Codiak BioSciences

Several institutional investors have recently made changes to their positions in CDAK. Private Advisor Group LLC acquired a new stake in Codiak BioSciences in the 2nd quarter worth approximately $32,000. Denali Advisors LLC bought a new position in Codiak BioSciences in the 1st quarter worth approximately $41,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Codiak BioSciences during the fourth quarter valued at approximately $47,000. Mirabella Financial Services LLP bought a new stake in shares of Codiak BioSciences during the first quarter valued at approximately $72,000. Finally, Rhumbline Advisers bought a new stake in shares of Codiak BioSciences during the first quarter valued at approximately $83,000. 59.80% of the stock is currently owned by institutional investors and hedge funds.

Codiak BioSciences Stock Performance

Shares of CDAK opened at $2.43 on Thursday. The business’s 50-day moving average price is $2.88 and its 200 day moving average price is $4.16. The stock has a market capitalization of $54.66 million, a P/E ratio of -1.54 and a beta of 3.31. Codiak BioSciences has a 1-year low of $2.21 and a 1-year high of $22.95. The company has a current ratio of 6.06, a quick ratio of 6.06 and a debt-to-equity ratio of 0.53.

Codiak BioSciences (NASDAQ:CDAK – Get Rating) last announced its quarterly earnings data on Thursday, May 5th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.44. Codiak BioSciences had a negative return on equity of 145.22% and a negative net margin of 155.37%. The firm had revenue of $12.70 million during the quarter, compared to analyst estimates of $12.60 million. Analysts expect that Codiak BioSciences will post -1.93 earnings per share for the current year.

Codiak BioSciences Company Profile

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Codiak BioSciences, Inc, a clinical-stage biopharmaceutical company, focuses on developing exosome-based therapeutics for the treatment of oncology, neuro-oncology, neurology, neuromuscular diseases, infectious diseases, and other diseases. Its lead product candidates are exoSTING and exoIL-12 exosome therapeutic candidates for the treatment of various solid tumors.