Chinook Therapeutics, Inc. (NASDAQ: KDNY) is a biopharmaceutical company. It discovers, develops, and commercializes precision medicines for kidney diseases. The company is making good progress with a strong pipeline of innovative products through strategic collaborations.
Last month, the company reported revenue of $2.7 million for Q1, significantly up on a year-over-year basis. Net loss also contracted to $31.7 million from $37.2 million in Q1 2021.
Chinook has a market capitalization of $962.9 million and has lost only 6.35% year-to-date in the present economic environment.
Insider Buying
Per the recent SEC (Securities and Exchange Commission) filings and TipRanks’ Insider Trading Activity tool, Chinook’s director Srinivas Akkaraju (greater than 10% ownership) purchased 0.57 million shares valued at $7.98 million. As of June 1, 2022, Akkaraju owns around 5,161,888 shares of Chinook.
Recently, the CEO of Chinook, Eric Dobmeier, also bought 5,000 shares worth $65,150.
Corporate Insiders are positive about the stock. According to the TipRanks Insiders page, corporate insiders have bought shares worth $8 million in the past three months.
Wall Street’s Take
Recently, Wedbush analyst Laura Chico maintained a Buy rating on Chinook and lifted the price target to $38 (143.12% upside potential) from $30.
Consensus among analysts is a Strong Buy based on 5 unanimous Buys. The average Chinook price forecast of $34.50 implies 120.73% upside potential from current levels. However, shares have lost 5.5% over the past year.
Also, Chinook scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
Conclusion
With Chinook’s strong pipeline of products and robust Q1 numbers, corporate insiders and analysts continue to be bullish on the stock.
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