H.C. Wainwright analyst Matthew Caufield reiterated a Hold rating on Kodiak Sciences (KOD – Research Report) today and set a price target of $3.00.
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Matthew Caufield has given his Hold rating due to a combination of factors related to Kodiak Sciences’ ongoing development efforts and past trial outcomes. The company is advancing its Kodiak 2.0 retinal platform strategy, which includes reformulated tarcocimab and the antibody biopolymer conjugate (ABC) pipeline. However, Caufield remains cautious, awaiting validation of these strategic changes expected in 2026 before fully endorsing them.
Past clinical trial results have influenced this Hold rating. The failures of the Phase 3 GLEAM and GLIMMER trials in diabetic macular edema (DME), along with unexpected adverse events, and the Phase 2b/3 DAZZLE trial in wet age-related macular degeneration (AMD), have led to a modified formulation development. Caufield is looking forward to key readouts from ongoing trials, such as the Phase 3 GLOW2 trial in diabetic retinopathy and the Phase 3 DAYBREAK trial in wet AMD, which are anticipated to provide crucial data by 2026. Until these results are available, the Hold rating reflects a cautious stance on the stock.