On September 19, 2023, Kinnate Biopharma made significant changes within the company, resulting in a reduction of approximately 70% of their workforce. This restructuring left only 28 full-time employees remaining. The stock of Kinnate Biopharma was downgraded by Piper Sandler from Overweight to Neutral, along with a decrease in the price target from $20 to $4. Analysts Christopher Raymond, Allison Bratzel, and Nicole Gabreski expressed that while the updated price target indicates potential gains compared to the current stock price, they have decided to step back from investing in the company.
Similarly, Wedbush also reduced their price target for Kinnate Biopharma from $14 to $2 and downgraded their rating to Neutral from Outperform. The analysts at Wedbush believe that the chances of success for single-agent c-MET inhibitors are low, and the combination of c-MET inhibitors is likely to increase costs and delay approval timing. Due to these factors, they are choosing to sideline KNTE shares.
However, William Blair has a more optimistic outlook on Kinnate Biopharma. They acknowledge the setbacks faced by the company in developing its lead assets but emphasize the promising platform for small-molecule kinase inhibitors in precision oncology. Despite the recent restructuring causing some uncertainty, William Blair believes that the company’s pipeline holds hidden value, and upcoming positive catalysts have the potential to drive substantial stock price growth. Therefore, they maintain an Outperform rating for Kinnate Biopharma.
According to Wall Street analysts, there is a possibility that Kinnate Biopharma’s share price could reach $17.35 by August 15, 2024, with a median target of $21.00.
Kinnate Biopharma Inc.
KNTE
Neutral
Updated on: 30/09/2023
Weak 
Debt to equity ratio: Neutral 
KNTE Stock Performance Declines on September 19, 2023: Market Capitalization, Volume, and EPS Forecast
On September 19, 2023, KNTE stock experienced a decline in its performance. The stock had a previous close of $1.70 but opened at $1.40. Throughout the day, the stock traded within a range of $1.32 to $1.56. The volume for the day was 12,075, which is significantly lower than the average volume of 329,281 over the past three months. The market capitalization of KNTE is $80.1 million.
The next reporting date for KNTE is scheduled for November 9, 2023. The EPS forecast for this quarter is -$0.78, indicating a potential loss.
KNTE operates in the Health Technology sector and falls under the Pharmaceuticals: Major industry.
Kinnate Biopharma Inc (KNTE) Stock Soars on Promising Price Forecasts and Analyst Consensus
On September 19, 2023, Kinnate Biopharma Inc (KNTE) experienced a significant increase in its stock performance. According to data from CNN Money, the 12-month price forecasts provided by six analysts for KNTE had a median target of $4.70, with a high estimate of $24.00 and a low estimate of $2.00. This median estimate represents a remarkable 209.21% increase from the last recorded price of $1.52.
Furthermore, a consensus among seven polled investment analysts suggests that buying stock in Kinnate Biopharma Inc is a favorable decision.
The current quarter’s earnings per share for KNTE stands at -$0.78, indicating a loss for the company during this period. However, it is important to note that sales for the current quarter are reported as $0.00.
Investors and market participants will be eagerly awaiting the reporting date of November 9th, when Kinnate Biopharma Inc will release its financial results for the current quarter.
Overall, the stock performance of KNTE on September 19, 2023, appears to be promising, with analysts forecasting a substantial increase in its price. The consensus among investment analysts to buy stock in Kinnate Biopharma Inc further reinforces the positive outlook for the company. However, it is essential for investors to keep an eye on the upcoming earnings report to gain a comprehensive understanding of KNTE’s financial health and future prospects.
Discussion about this post