H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on Kindred Biosciences (KIN) today and set a price target of $19. The company’s shares closed yesterday at $14.59, close to its 52-week high of $15.75.
Ramakanth commented:
“We have updated our model to reflect the reported financials. For 2018, we project revenues of $1.9M and a net loss of $1.54 per share. Due to the strong start for Mirataz as well as the recent success of KIND-016 for the treatment of canine atopic dermatitis (AD), we are raising our 12- month price target to $19.00 per share, up from $16.00. A strong first quarter for Mirataz. Kindred Bio launched Mirataz (mirtazapine transdermal ointment) in the US on July 9 and reported first revenues of $640,000 in 3Q18. Mirataz is the only FDA-approved drug specifically indicated for the management of weight loss in cats. According to management, Mirataz has been very well received with approximately a quarter of all US veterinary clinics placing orders so far. Furthermore, the company has seen repeat orders from approximately a third of customers.”
According to TipRanks.com, Ramakanth is a 3-star analyst with an average return of 2.5% and a 35.9% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Trillium Therapeutics.
Kindred Biosciences has an analyst consensus of Strong Buy, with a price target consensus of $20, implying a 37.1% upside from current levels. In a report issued on October 30, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $25 price target.
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Based on Kindred Biosciences’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $11.24 million. In comparison, last year the company had a GAAP net loss of $7.89 million.
Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is neutral on the stock. Last month, Ernest Mario, a Director at KIN bought 44,833 shares for a total of $152,941.
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Kindred Biosciences, Inc. is a development-stage biopharmaceutical company, which focuses on saving and improving the lives of pets. The company was founded by Richard Chin and Denise M. Bevers on September 25, 2012 and is headquartered in Burlingame, CA.
