On September 28, Kodiak Sciences Inc. surged 146.43% in regular trading, trading at approximately $78.48 per share, with turnover of $1.573 billion. The dramatic rally was driven by the announcement that the company's two experimental eye drugs, Zenkuda and tabirafusp-ted, both met primary endpoints in a Phase 3 study in patients with wet age-related macular degeneration (wet AMD).

Specifically, both treatments achieved non-inferiority in vision gains compared with aflibercept during the first year, and 54% of patients maintained a six-month dosing interval through the first year under the study's retreatment criteria. 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. The company is also exploring the potential of tabirafusp-ted in diabetic patients.

Notably, UBS had previously maintained a buy rating with an $80 price target ahead of the data readout, citing expectations that both candidates would achieve non-inferiority — a thesis now validated by the trial results. The current trading price is approaching UBS's target.

Kodiak Sciences Inc. is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California, focused on developing therapeutics for retinal diseases.

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