H.C. Wainwright Reiterates Neutral Rating on Kodiak Sciences Inc. (KOD)

H.C. Wainwright analyst Matthew Caufield reiterated a Neutral rating and $3.00 price target on Kodiak Sciences Inc. (NASDAQ: KOD).

The analyst commented: "As the retinal pipeline progresses for the antibody biopolymer conjugate drug (ABCD) platform, we believe Kodiak continues to turn the page from its previous late-stage tarcocimab setbacks. Namely: (1) the Phase 3 GLEAM and GLIMMER trial failures in DME, former unexpected increase in cataract AEs over time for tarcocimab; and (2) the Phase 2b/3 DAZZLE trial failure in wet AMD, which have notably informed the current modified enhanced formulation development for the antibody biopolymer conjugate drug platform, going forward. While we are cautiously optimistic that the reformulated tarcocimab and KSI-501 can demonstrate differentiated Phase 3 delivery, efficacy and durability, utilizing the conjugated and unconjugated free protein enhanced formulation to facilitate immediacy, we specifically note that the main opportunities to de-risk the conjugate platform with enhanced formulation validation remain on the longer-term horizon into 2026. With that said, we believe the company has taken appropriate strategic steps to position the ABCD platform for its best shots on goal based on: (i) enhanced formulation tarcocimab in the Phase 3 GLOW2 trial in diabetic retinopathy (DR); (ii) tarcocimab along with anti-IL-6 and VEGF-trap bispecific antibody biopolymer conjugate KSI-501 in the Phase 3 DAYBREAK trial in wet AMD patients, and (iii) the unconjugated protein portion of KSI-501, known as KSI-101, in the Phase 1b APEX trial with Cohort 1 in diabetic macular edema (DME) and Cohort 2 in macular edema secondary to inflammation (MESI) patients. With these points in mind and looking into 2026 for main topline catalyst validation, we reiterate our Neutral rating and $3 price target in the interim."

For an analyst ratings summary and ratings history on Kodiak Sciences Inc. click here. For more ratings news on Kodiak Sciences Inc. click here.

Shares of Kodiak Sciences Inc. closed at $2.91 yesterday.

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