Ocular Therapeutix tumbles on rival Kodiak's trial win, analyst calls selloff overdone
BUZZ-Ocular Therapeutix tumbles on rival Kodiak's trial win, analyst calls selloff overdone ** Shares of Ocular Therapeutix OCUL.O fall 18.8% to $7.84 in afternoon trading
** Kodiak Sciences' KOD.O experimental drugs Zenkuda and tabirafusp-ted met the main goals of a late-stage trial in patients with wet age-related macular degeneration, matching Regeneron's REGN.O blockbuster eye drug aflibercept on vision gains
** Ocular is developing axpaxli, a competing long-acting treatment for patients with wet AMD
** RBC Capital Markets analyst Lisa Walter says "the sell-off today for OCUL is overdone" because the current valuation "does not reflect that axpaxli could easily be a ~$1b drug 3-4 years into wAMD launch"
** "We continue to think OCUL has best-positioned long-acting treatment," Walter added
** Kodiak Sciences' shares soar 189% to $93.59, putting the company on track to add about $3.85 billion in market value
** Including session's moves, OCUL down 35%, KOD up 221% YTD
(Reporting by Kamal Choudhury in Bengaluru)
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