State Board of Administration of Florida Retirement System Sells 5,050 Shares of Kinnate Biopharma Inc. (NASDAQ:KNTE)

State Board of Administration of Florida Retirement System decreased its position in shares of Kinnate Biopharma Inc. (NASDAQ:KNTE – Get Rating) by 26.2% during the fourth quarter, HoldingsChannel reports. The fund owned 14,254 shares of the company’s stock after selling 5,050 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Kinnate Biopharma were worth $87,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of KNTE. JPMorgan Chase & Co. increased its position in Kinnate Biopharma by 20.7% during the first quarter. JPMorgan Chase & Co. now owns 21,870 shares of the company’s stock valued at $246,000 after acquiring an additional 3,756 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Kinnate Biopharma by 57.0% in the first quarter. MetLife Investment Management LLC now owns 15,585 shares of the company’s stock worth $175,000 after purchasing an additional 5,658 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Kinnate Biopharma by 6.0% in the first quarter. Rhumbline Advisers now owns 32,079 shares of the company’s stock worth $361,000 after purchasing an additional 1,809 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Kinnate Biopharma by 0.4% in the first quarter. BlackRock Inc. now owns 2,055,224 shares of the company’s stock worth $23,143,000 after purchasing an additional 8,189 shares during the last quarter. Finally, Ergoteles LLC bought a new position in shares of Kinnate Biopharma in the first quarter worth about $215,000. Institutional investors own 98.68% of the company’s stock.

Kinnate Biopharma Price Performance

NASDAQ:KNTE opened at $4.18 on Wednesday. The firm has a market cap of $194.66 million, a price-to-earnings ratio of -1.51 and a beta of 0.23. The company has a 50 day moving average price of $4.51 and a 200-day moving average price of $5.93. Kinnate Biopharma Inc. has a 1-year low of $2.32 and a 1-year high of $15.86.

Kinnate Biopharma (NASDAQ:KNTE – Get Rating) last issued its quarterly earnings results on Thursday, May 11th. The company reported ($0.73) EPS for the quarter, hitting the consensus estimate of ($0.73). On average, sell-side analysts anticipate that Kinnate Biopharma Inc. will post -3.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on KNTE shares. Stifel Nicolaus cut their price target on shares of Kinnate Biopharma from $8.00 to $5.00 in a report on Tuesday, April 18th. Wedbush cut their price target on shares of Kinnate Biopharma from $25.00 to $14.00 in a report on Tuesday, April 18th. HC Wainwright lowered their price objective on shares of Kinnate Biopharma from $25.00 to $24.00 in a research note on Thursday, May 18th. 500.com restated a “maintains” rating on shares of Kinnate Biopharma in a report on Thursday, May 18th. Finally, The Goldman Sachs Group lowered their target price on shares of Kinnate Biopharma from $29.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, April 19th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Kinnate Biopharma currently has an average rating of “Moderate Buy” and an average target price of $17.25.

Insiders Place Their Bets

In other Kinnate Biopharma news, Director Carl L. Gordon bought 350,749 shares of the stock in a transaction on Friday, April 28th. The shares were bought at an average price of $2.55 per share, with a total value of $894,409.95. Following the purchase, the director now directly owns 3,737,784 shares in the company, valued at approximately $9,531,349.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Carl L. Gordon purchased 350,749 shares of the stock in a transaction dated Friday, April 28th. The shares were purchased at an average price of $2.55 per share, with a total value of $894,409.95. Following the transaction, the director now owns 3,737,784 shares in the company, valued at approximately $9,531,349.20. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Carl L. Gordon purchased 716,157 shares of the stock in a transaction dated Monday, May 1st. The shares were purchased at an average cost of $2.62 per share, for a total transaction of $1,876,331.34. Following the transaction, the director now owns 4,204,852 shares in the company, valued at approximately $11,016,712.24. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,326,815 shares of company stock valued at $9,074,491 in the last 90 days. 37.90% of the stock is owned by insiders.

Kinnate Biopharma Company Profile

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Kinnate Biopharma Inc, a biopharmaceutical company, focuses on the discovery and development of small molecule kinase inhibitors to treat genomically defined cancers in the United States. The company develops KIN-2787, a rapidly accelerated fibrosarcoma inhibitor for the treatment of patients with lung cancer, melanoma, and other solid tumors; KIN-3248 small-molecule kinase inhibitors that target cancer-associated alterations in fibroblast growth factor receptors FGFR2 and FGFR3 genes; and small molecule research programs, including Cyclin-Dependent Kinase 12(CDK12) inhibitor in its KIN004 program.