Kodiak Sciences surges on positive data from eye drug trial

Kodiak Sciences

07/09/2023 14:03

** Kodiak Sciences' shares  KOD.O  rise 8.60% premarket to
$2.40
    ** Says co's eye drug tarcocimab tedromer matched efficacy
and had comparable safety versus Regeneron Pharmaceuticals'
 REGN.O  Eylea in a head-to-head trial for a type of macular
edema, a condition where blood vessels leak into a part of the
retina called the macula
    ** Co had said in July it will wind down further development
of tarcocimab after the drug failed two late-stage studies for
diabetic macular edema (DME) — the most common diabetes-related
cause of vision loss, but later added they are evaluating future
options for the drug's development
    ** 4 of 7 brokerages rate the stock "hold", 3 "sell" or
lower; median PT is $4
    ** Up to Wednesday's close, stock had fallen 69% YTD

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; https://twitter.com/LeroyLeo7;))