Fintel reports that on August 8, 2023, Wedbush downgraded their outlook for Chinook Therapeutics (NASDAQ:KDNY) from Outperform to Neutral.
Analyst Price Forecast Suggests 1.87% Upside
As of August 2, 2023, the average one-year price target for Chinook Therapeutics is 41.11. The forecasts range from a low of 32.32 to a high of $49.35. The average price target represents an increase of 1.87% from its latest reported closing price of 40.35.
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The projected annual revenue for Chinook Therapeutics is 1MM, a decrease of 91.06%. The projected annual non-GAAP EPS is -3.03.
What is the Fund Sentiment?
There are 379 funds or institutions reporting positions in Chinook Therapeutics. This is an increase of 28 owner(s) or 7.98% in the last quarter. Average portfolio weight of all funds dedicated to KDNY is 0.32%, an increase of 7.65%. Total shares owned by institutions increased in the last three months by 5.76% to 66,382K shares. The put/call ratio of KDNY is 9.65, indicating a bearish outlook.
What are Other Shareholders Doing?
Samsara BioCapital holds 5,162K shares representing 7.70% ownership of the company. No change in the last quarter.
Frazier Life Sciences Management holds 4,346K shares representing 6.48% ownership of the company. No change in the last quarter.
Deep Track Capital holds 3,000K shares representing 4.47% ownership of the company. No change in the last quarter.
Octagon Capital Advisors holds 2,552K shares representing 3.81% ownership of the company. No change in the last quarter.
Orbimed Advisors holds 2,029K shares representing 3.03% ownership of the company. No change in the last quarter.
Chinook Therapeutics Background Information
(This description is provided by the company.)
Chinook Therapeutics, Inc. is a clinical-stage biotechnology company developing precision medicines for kidney diseases. Chinook’s product candidates are being investigated in rare, severe chronic kidney disorders with opportunities for well-defined clinical pathways. Chinook’s lead program is atrasentan, an investigational phase 3 endothelin receptor antagonist for the treatment of IgA nephropathy and other primary glomerular diseases. BION-1301, an investigational anti-APRIL monoclonal antibody is being evaluated in a phase 1b trial for IgA nephropathy. In addition, Chinook is advancing CHK-336, an investigational oral small molecule LDHA inhibitor for the treatment of primary hyperoxaluria, as well as research programs for other rare, severe chronic kidney diseases, including polycystic kidney disease. Chinook is building its pipeline by leveraging insights in kidney single cell RNA sequencing, human-derived organoids and new translational models, to discover and develop therapeutics with differentiating mechanisms of action against key kidney disease pathways.
This article originally appeared on Fintel
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