Kodiak Sciences Inc. (KOD) PT Raised to $58 at H.C. Wainwright
H.C. Wainwright analyst Matthew Caufield raised the price target on Kodiak Sciences Inc. (NASDAQ: KOD) to $58.00 (from $38.00) while maintaining a Buy rating.
The analyst commented: "With the announced positive tarcocimab update, we believe the most important takeaway is that the Phase 3 GLOW2 trial in diabetic retinopathy (DR) patients served to validate the reformulated tarcocimab tedromer design, from our perspective. We underscore that this was the first Phase 3 trial to evaluate the enhanced commercial formulation for Zenkuda (tarcocimab tedromer), combining both the free unconjugated and conjugated protein design, with translatability to the broader retinal platform, in our view. We believe the reformulated unconjugated and conjugated antibody biopolymer conjugate (ABC) platform, with the unconjugated component for immediacy and the conjugated component for therapy durability, support the potential to further address current anti-VEGF limitations of durability, with applicability for both tarcocimab and KSI-501. Informed from the announced positive GLOW2 topline for Zenkuda in DR, we have increased our POS for: (i) tarcocimab tedromer in DR from 35% to 70%; and (ii) tarcocimab tedromer/KSI-501 in wet AMD from 35% to 60%. We reiterate our Buy rating and increase our price target from $38 to $58 per share."