H.C. Wainwright Remains a Buy on Kindred Biosciences (KIN)


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 $10.75.

Ramakanth commented:

“We maintain our Buy rating of KIN and our 12-month price target of $19.00 per share. We derive our price target based on a risk-adjusted net present value analysis of projected product revenues through 2027 assuming a 10% discount rate and 3% terminal growth rate. We derive an rNPV of $603M for the pipeline products and add in $120M in pro forma cash and cash equivalents to arrive at a 12-month price target of $18.74 per diluted share, which we round to $19.00. Risks: (1) clinical and regulatory; (2) commercial; (3) partnership; (4) financial; and (5) intellectual property.”

According to TipRanks.com, Ramakanth has currently no stars on a ranking scale of 0-5 stars, with an average return of -3.6% and a 33.6% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Collplant Holdings Ltd, Gritstone Oncology Inc, and Leap Therapeutics Inc.

Currently, the analyst consensus on Kindred Biosciences is a Strong Buy with an average price target of $20.25, implying an 88.4% upside from current levels. In a report issued on March 4, B.Riley FBR also maintained a Buy rating on the stock with a $19.25 price target.

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Based on Kindred Biosciences’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $13.04 million. In comparison, last year the company had a GAAP net loss of $9.73 million.

Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of KIN in relation to earlier this year.

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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.

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