Kodiak Sciences Inc. (KOD) PT Raised to $26 at H.C. Wainwright

H.C. Wainwright analyst Matthew Caufield raised the price target on Kodiak Sciences Inc. (NASDAQ: KOD) to $26.00 (from $24.00) while maintaining a Buy rating.

The analyst comments "What’s new? As we approach the near-term catalyst of anticipated Phase 3 GLOW2 trial topline for reformulated tarcocimab in diabetic retinopathy (DR) patients expected 1Q26, we discussed the unconjugated and conjugated antibody biopolymer conjugate (ABC) platform with retinal KOLs here, and observed overall positive viewpoints. We discussed how the ABC platform could facilitate therapy immediacy and durability, and establish differentiation within the evolving retinal therapeutic landscape. Importantly, we believe the upcoming Phase 3 GLOW2 data in DR patients has the opportunity to define success for the reformulated design, measuring primary endpoint proportion of eyes improving ≥2 steps on the ETDRS DRSS scale at Week 48. We note this would follow: (1) the prior Phase 3 GLOW1 trial achieving its primary endpoint proportion improving ≥2 steps on the DRSS score; along with (2) separate KOL optimism following recently reported follow-up data from the Phase 1b APEX trial of KSI-101 in macular edema secondary to inflammation (MESI), further discussed below. With continued: (i) pivotal progress for the ABC platform; (ii) our positive pipeline feedback from retinal KOLs; and (iii) adjusting our conservative POS from 30% to 35% for tarcocimab in DR, heading into the anticipated 1Q26 Phase 3 GLOW2 topline, we reiterate our Buy rating and have raised our price target from $24 to $26 per share."

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