On September 29, Kodiak Sciences Inc. fell 5.36% in pre-market trading, trading at $85.31 per share, with turnover of $378,200. The decline follows a massive surge of approximately 172% during the prior regular session, suggesting profit-taking amid elevated volatility.

The prior-session rally was driven by the company's announcement that its two experimental eye drugs, Zenkuda and tabirafusp-ted, met primary endpoints in a Phase 3 study in patients with wet age-related macular degeneration. 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. 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. UBS had previously maintained a buy rating with an $80 price target ahead of the data readout, noting the upcoming results as a potential catalyst.

Within the Biotechnology sector, Moderna down 0.62%, Amgen down 0.06%, AbbVie up 0.08%, Regeneron Pharmaceuticals up 1.29%, Gilead Sciences down 0.24%.

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