Matthew Caufield, an analyst from H.C. Wainwright, reiterated the Hold rating on Kodiak Sciences (KOD – Research Report). The associated price target is $3.00.
Matthew Caufield has given his Hold rating due to a combination of factors related to the progress and challenges faced by Kodiak Sciences. The company is advancing its antibody biopolymer conjugate (ABCD) platform, despite previous setbacks with its late-stage tarcocimab trials. The failures in the Phase 3 GLEAM and GLIMMER trials for diabetic macular edema and the Phase 2b/3 DAZZLE trial for wet age-related macular degeneration have informed the development of an enhanced formulation. While there is cautious optimism about the potential of the reformulated tarcocimab and KSI-501 to deliver improved efficacy and durability, the key opportunities for de-risking the platform are expected to materialize by 2026.
Given the strategic steps Kodiak Sciences has taken, including ongoing trials such as the Phase 3 GLOW2 trial in diabetic retinopathy and the Phase 3 DAYBREAK trial in wet AMD, the company is positioned for potential success. However, the main catalysts for validation of the ABCD platform are on a longer-term horizon. Consequently, Caufield reiterates a Neutral rating with a $3 price target, reflecting both the potential and the risks associated with the company’s current trajectory.
According to TipRanks, Caufield is an analyst with an average return of -11.8% and a 29.93% success rate. Caufield covers the Healthcare sector, focusing on stocks such as 4D Molecular Therapeutics, Opthea Limited Sponsored ADR, and Optinose.