Kodiak Sciences Sees Sharp 71.2% Rally in Shares

Market Overview

On Thursday, 26 March, Kodiak Sciences witnessed a significant surge in its shares, marking one of its biggest single-day gains in recent years. Despite the broader US markets trading in the red, Kodiak Sciences stock opened at $38.95 and reached an intraday high of $38.95, representing a 71.2% jump from its previous close of $22.75.

Business Update

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The sharp rise in the stock was driven by the company's announcement of positive results from a late-stage trial of its treatment for diabetic retinopathy, Zenkuda. The trial demonstrated that 62.5% of patients treated with Zenkuda achieved a ≥2-step improvement in the diabetic retinopathy severity score, compared with just 3.3% of patients in the sham-treated group. Zenkuda also showed superiority over the sham treatment, with an 85% reduction in the risk of developing sight-threatening complications.

Company Profile

Kodiak Sciences is a pre-commercial, retina-focused biotechnology company engaged in the research, development, and commercialisation of transformative therapeutics. The company is currently developing a portfolio of three late-stage clinical programmes, with Zenkuda being one of them. According to company estimates, approximately 9.7 million people in the US suffer from diabetic retinopathy, a progressive condition that can quickly advance into vision-threatening complications.

Performance Metrics

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• 1,045% return over the past 10 months
• 45.33% gain in March so far
• 820% cumulative gain over the past two calendar years
• 77% discount to the all-time high of $171, reached in February 2021