Kinnate Biopharma Inc. (NASDAQ:KNTE) Stake Boosted by Foresite Capital Management V LLC

Foresite Capital Management V LLC grew its stake in shares of Kinnate Biopharma Inc. (NASDAQ:KNTE) by 78.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,525,957 shares of the company’s stock after acquiring an additional 1,550,956 shares during the period. Kinnate Biopharma accounts for 7.8% of Foresite Capital Management V LLC’s investment portfolio, making the stock its 6th biggest holding. Foresite Capital Management V LLC owned 0.07% of Kinnate Biopharma worth $10,684,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of KNTE. FMR LLC lifted its stake in shares of Kinnate Biopharma by 51.9% in the 2nd quarter. FMR LLC now owns 2,193,316 shares of the company’s stock valued at $27,658,000 after purchasing an additional 749,012 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Kinnate Biopharma by 1,389.9% in the 2nd quarter. Acadian Asset Management LLC now owns 430,802 shares of the company’s stock valued at $1,304,000 after purchasing an additional 401,887 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Kinnate Biopharma by 209.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 210,958 shares of the company’s stock valued at $2,660,000 after purchasing an additional 142,804 shares during the last quarter. Ally Bridge Group NY LLC acquired a new stake in shares of Kinnate Biopharma in the 1st quarter valued at $684,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Kinnate Biopharma by 300.0% in the 2nd quarter. Renaissance Technologies LLC now owns 95,600 shares of the company’s stock valued at $1,206,000 after purchasing an additional 71,700 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on KNTE shares. Piper Sandler lowered shares of Kinnate Biopharma from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $20.00 to $4.00 in a research report on Tuesday, September 19th. HC Wainwright lowered shares of Kinnate Biopharma from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 19th. Finally, Wedbush lowered shares of Kinnate Biopharma from an “outperform” rating to a “neutral” rating in a research report on Tuesday, September 19th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Kinnate Biopharma has an average rating of “Hold” and a consensus target price of $14.60.

Kinnate Biopharma Stock Performance

Shares of KNTE traded down $0.05 during trading hours on Tuesday, reaching $2.25. 69,294 shares of the company traded hands, compared to its average volume of 552,328. The stock’s fifty day moving average is $1.43 and its 200 day moving average is $2.50. The stock has a market cap of $106.00 million, a P/E ratio of -0.83 and a beta of 0.33. Kinnate Biopharma Inc. has a 1-year low of $1.04 and a 1-year high of $8.31.

About Kinnate Biopharma

Kinnate Biopharma Inc, a clinical-stage oncology 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.