Why Kodiak Sciences Shares Are Trading Lower By Around 20%? Here Are Other Stocks Moving In Thursday's Mid-Day Session
Portfolio Pulse from Avi Kapoor
Kodiak Sciences Inc. shares fell by around 20% after reporting a wider-than-expected Q4 loss. Other stocks showed significant movement, with Avalo Therapeutics leading gainers with a 430% jump after acquiring a Phase 2-ready anti-IL-1β mAb and announcing a private placement financing. Losers included Primech Holdings, falling 46.7% after issuing financial updates. The market saw a mix of positive and negative movements across various sectors.
March 28, 2024 | 6:08 pm
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NEGATIVE IMPACT
Kodiak Sciences shares dropped 19.9% to $5.97 after reporting a Q4 loss of $1.13 per share, significantly wider than the expected 77 cents per share loss.
The significant drop in Kodiak Sciences' share price is directly attributed to the company's reported Q4 loss, which was much wider than market expectations. This negative earnings surprise has likely shaken investor confidence, leading to a sharp sell-off.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Primech Holdings Ltd. shares fell 46.7% to $2.07 after issuing financial updates and corporate highlights for the six months ended Sept. 30, 2023.
The significant decline in Primech Holdings' share price is likely due to investor disappointment with the financial updates and corporate highlights provided by the company, which may have fallen short of market expectations.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Avalo Therapeutics shares surged 430% to $25.35 after announcing the acquisition of a Phase 2-ready anti-IL-1β mAb, referred to as AVTX-009, and a private placement financing of up to $185 million.
The dramatic increase in Avalo Therapeutics' stock price can be attributed to the positive market reaction to its strategic acquisition and significant private placement financing. These developments are seen as highly positive for the company's future growth prospects.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100