On September 29, Kodiak Sciences Inc. declined 5.21% in regular trading, trading at $85.05/share, with turnover of approximately $115 million. The stock retreated after surging roughly 146% on the prior trading day following positive Phase 3 clinical trial results.

The pullback comes after the company announced on September 28 that its two experimental eye drugs, Zenkuda and tabirafusp-ted, met primary endpoints in Phase 3 studies for wet age-related macular degeneration. Both treatments achieved non-inferiority in vision gains compared with aflibercept during the first year, with 54% of patients maintaining a six-month dosing interval. The company plans to submit Zenkuda data from five positive Phase 3 studies to regulatory authorities in Q4, covering wet AMD, diabetic retinopathy, and macular edema following retinal vein occlusion. Notably, UBS had previously maintained a buy rating with an $80 price target, a level the stock has now traded through following the data release.

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