Kodiak Sciences Inc. (KOD) PT Raised to $35 at Chardan Capital Markets

Chardan Capital Markets analyst Gbola Amusa raised the price target on Kodiak Sciences Inc. (NASDAQ: KOD) to $35.00 (from $22.50) while maintaining a Buy rating.

Amusa commented, "On 11 October 2019, Kodiak Sciences (Buy, a Chardan Top Pick for 2019), presented additional positive results from the phase Ib trial of KSI-301 in wet AMD, DME, and RVO, supporting the company's objectives of safety, efficacy, and durability: We increase our PT to $35 (+56%) on the improved risk profile as Kodiak transitions into pivotal trials. The results presented at the American Academy of Ophthalmology (AAO) Annual Meeting's Retina Subspecialty Day (press release, presentation) focused on efficacy data out to 16 weeks, beyond the 12-week data previously presented at the Retina Society Annual Meeting on 15 September 2019. On efficacy, at week 16, KSI-301-treated eyes saw +5.4, +8.4, and +21.3 ETDRS letter changes in wet AMD, DME, and RVO patients, respectively, and -72, -140, and -353-micron changes on OCT. On durability, KSI-301 showed the potential to improve on standard of care with 3-5+ month dosing intervals in wet AMD and DME, and 2-3+ month dosing intervals in RVO. On safety, Kodiak reported 0 drug-related AEs/SAEs and 0 cases of intraocular inflammation after 316 doses in 113 phase Ia+Ib patients, a differentiator so far versus the 4% rate cited in the label for recently-approved q8-12wk Beovu (brolucizumab)."

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