Kodiak Sciences Inc. (KOD) PT Raised to $5 at H.C. Wainwright

H.C. Wainwright analyst Matthew Caufield raised the price target on Kodiak Sciences Inc. (NASDAQ: KOD) to $5.00 (from $3.00) while maintaining a Neutral rating.

The analyst commented: 'With the company’s focus on the reformulated version of tarcocimab and the antibody biopolymer conjugate (ABC) pipeline, we specifically await reformulation validation during 2026 before endorsing these strategic refinements. That said, we believe KOD has taken appropriate steps to align the reformulated tarcocimab and ABC pipeline for multiple catalysts to further define platform success. Most recently, we note announced interim 12-week data from the Phase 1b APEX trial assessing the unconjugated protein portion of KSI-501, known as KSI-101, with Cohort 1 in diabetic macular edema (DME) and Cohort 2 in macular edema secondary to inflammation (MESI) patients, supporting rapid and meaningful Week 1 anatomical gains with visual acuity. We point out KSI-101 is designed as an intravitreal bispecific dual inhibition anti-IL-6 antibody and VEGF trap, for addressing anti-inflammatory effect and broad VEGF inhibition. Importantly, this dataset specifically reflected the unconjugated protein, which in our view does not yet validate the ABC platform’s redesign based on both conjugated and unconjugated formulations. Based on: (i) our model updates from the quarter; and (ii) updated operating expense estimates within our model informed from upcoming catalysts, we have raised our price target up from $3 to $5 per share. We reiterate our Neutral rating and $5 PT, specifically awaiting longer-term ABC platform validation."

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