Selected stock price target news of the day - September 19, 2023

By: Matthew Otto

 

Kinnate Biopharma Announces Strategic Pipeline Updates and Workforce Restructuring

Kinnate Biopharma has announced updates to its clinical pipeline and corporate structure. The company is prioritizing the combination of investigational drugs exarafenib and binimetinib for NRAS mutant melanoma. It is a subgroup with no approved therapies, showing promising results in reducing tumor size. They are also advancing KIN-8741, a highly selective c-MET inhibitor for non-small cell lung cancer, and exploring strategic alternatives for other programs like exarafenib monotherapy and KIN-3248, an FGFR inhibitor. A corporate restructuring will reduce the workforce by approximately 70% to align with the company’s refined focus and reduce operating expenses. The company’s financial position, with approximately $204.3 million in cash, is expected to support operations into at least the second quarter of 2026. 

 

Analysts Downgrade Kinnate Biopharma’s Stock Outlook

  • Wedbush analyst David Nierengarten downgraded from Outperform to Neutral and the price target from $14 to $2.
  • HC Wainwright & Co. analyst Robert Burns downgraded from Buy to Neutral.

 

Analyst Benjamin Burnett (STIFEL) currently has the highest performing score on KNTE. His price targets carry an average of $8.33 (87.41%) potential upside.

 

 

 

Stitch Fix Reports Q4 and Full Year 2023 Financial Results: Revenue Decline and Strategic Shifts

Stitch Fix has unveiled its financial results for the fourth quarter and full fiscal year 2023, concluding on July 29, 2023. In the fourth quarter, the company reported a net revenue of $375.8 million, representing a 22% decrease compared to the previous year. The net loss for the quarter stood at $28.7 million, resulting in a diluted loss per share of $0.24. However, the company’s adjusted EBITDA in the same period reached $10.4 million, exceeding the guidance range.

 

For the full fiscal year 2023, Stitch Fix reported net revenue of $1.6 billion, reflecting a 21% decrease year-over-year. The number of active clients decreased by 13%, amounting to 3,297,000, with a net revenue per active client (RPAC) of $497, down by 9% compared to the previous year. The company reported a net loss of $172.0 million for the fiscal year, with a diluted loss per share of $1.50. The adjusted EBITDA for the full year reached $16.8 million.

 

Stitch Fix also provided a financial outlook for the first quarter of fiscal 2024, projecting a net revenue of $355 million to $365 million for its US business, with an adjusted EBITDA margin of 1% to 2%. For the full fiscal year 2024, the company expects a net revenue of $1.30 billion to $1.37 billion (adjusted to a 52-week period) and an adjusted EBITDA margin of 0% to 2%. Additionally, Stitch Fix anticipates net revenue of approximately $7 million in the UK for the first quarter of fiscal 2024 and $8 million for the full fiscal year 2024.

 

Analysts Adjust Ratings and Price Targets Following Financial Results

  • Truist Securities analyst Youssef Squali maintained a Hold rating and lowered the price target from $4.6 to $4.
  • Piper Sandler analyst Erinn Murphy maintained an Underweight rating and lowered the price target from $3 to $2.5.
  • Wedbush analyst Tom Nikic reiterated a Neutral rating and downgraded the price target from $4.5 to $3.5.
  • Baird analyst Mark Altschwager reiterated a Neutral rating and downgraded the price target from $5 to $3.5.
  • Canaccord Genuity analyst Maria Ripps kept a Hold rating and lowered the price target from $5 to $4.
  • Barclays analyst Trevor Young maintained an Equal-Weight rating and reduced the price target from $4 to $3.
  • Telsey Advisory Group analyst Dana Telsey kept a Market Perform rating and lowered the price target from $5 to $4.

 

Analyst Maria Ripps (CANACCORD) currently has the highest performing score on SFIX with 4/13 (30.77%) price target fulfillment ratio. His price targets carry an average of $10.35 (58.00%) potential upside. Stitch Fix stock price reaches these price targets on average within 52 days

 

 

 

Daily stock Analysts Top Price Moves Snapshot