Federated Hermes Inc. Purchases New Position in Chinook Therapeutics, Inc. (NASDAQ:KDNY)

Federated Hermes Inc. acquired a new stake in Chinook Therapeutics, Inc. (NASDAQ:KDNY – Get Rating) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 138,263 shares of the company’s stock, valued at approximately $2,718,000. Federated Hermes Inc. owned 0.22% of Chinook Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. New York State Common Retirement Fund increased its stake in Chinook Therapeutics by 1.4% in the third quarter. New York State Common Retirement Fund now owns 62,875 shares of the company’s stock valued at $1,236,000 after purchasing an additional 862 shares during the period. Amalgamated Bank increased its stake in shares of Chinook Therapeutics by 16.1% during the third quarter. Amalgamated Bank now owns 6,442 shares of the company’s stock worth $127,000 after acquiring an additional 892 shares during the period. Martingale Asset Management L P increased its stake in shares of Chinook Therapeutics by 3.3% during the second quarter. Martingale Asset Management L P now owns 41,217 shares of the company’s stock worth $721,000 after acquiring an additional 1,300 shares during the period. C M Bidwell & Associates Ltd. increased its stake in shares of Chinook Therapeutics by 14.5% during the third quarter. C M Bidwell & Associates Ltd. now owns 10,639 shares of the company’s stock worth $209,000 after acquiring an additional 1,349 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Chinook Therapeutics during the second quarter worth about $33,000. 93.86% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on KDNY. Stifel Nicolaus upped their target price on shares of Chinook Therapeutics from $30.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, December 22nd. Piper Sandler started coverage on shares of Chinook Therapeutics in a research report on Monday. They set an “overweight” rating and a $41.00 target price on the stock. Wells Fargo & Company started coverage on shares of Chinook Therapeutics in a report on Monday, December 5th. They issued an “overweight” rating and a $30.00 price target on the stock. Guggenheim started coverage on shares of Chinook Therapeutics in a report on Tuesday, February 28th. They issued a “buy” rating and a $43.00 price target on the stock. Finally, HC Wainwright reduced their price target on shares of Chinook Therapeutics from $33.00 to $31.00 and set a “buy” rating on the stock in a report on Tuesday, February 28th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $38.00.

Insider Buying and Selling

In related news, COO Tom Frohlich sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 13th. The shares were sold at an average price of $25.00, for a total transaction of $250,000.00. Following the completion of the transaction, the chief operating officer now owns 143,907 shares of the company’s stock, valued at $3,597,675. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Davis Jerel sold 400,000 shares of the firm’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $22.75, for a total transaction of $9,100,000.00. Following the completion of the sale, the director now directly owns 210,996 shares of the company’s stock, valued at approximately $4,800,159. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Tom Frohlich sold 10,000 shares of the firm’s stock in a transaction on 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 $3,597,675. The disclosure for this sale can be found here. Over the last quarter, insiders sold 470,747 shares of company stock valued at $10,843,143. Insiders own 23.38% of the company’s stock.

Chinook Therapeutics Stock Performance

Shares of KDNY opened at $23.42 on Friday. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -8.13 and a beta of 0.08. The company’s 50 day simple moving average is $24.40 and its 200 day simple moving average is $22.68. Chinook Therapeutics, Inc. has a 1 year low of $12.07 and a 1 year high of $27.44.

Chinook Therapeutics (NASDAQ:KDNY – Get Rating) last issued its quarterly earnings results on Monday, February 27th. The company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.77) by ($0.13). Chinook Therapeutics had a negative return on equity of 40.61% and a negative net margin of 3,065.68%. The company had revenue of $5.10 million for the quarter, compared to analyst estimates of $0.10 million. The firm’s revenue for the quarter was down 90.0% compared to the same quarter last year. Equities analysts expect that Chinook Therapeutics, Inc. will post -3.19 EPS for the current fiscal year.

Chinook Therapeutics Profile

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Chinook Therapeutics, Inc is a clinical-stage biopharmaceutical company, which engages in discovering, developing, and commercializing precision medicines for rare, severe chronic kidney diseases. The company was founded in 2019 and is headquartered in Seattle, WA.