Kodiak Sciences price target raised to $56 from $39 at Jefferies

Jefferies raised the firm’s price target on Kodiak Sciences (KOD) to $56 from $39 and keeps a Buy rating on the shares. Following strong GLOW2 results showing improved safety/efficacy vs GLOW1, tarcocimab has made a full comeback, with new formulation proving safe and potentially more effective, the firm argues. Jefferies views the reformulation as a clear safety positive, and expects to see more on its durability impact in phase III DAYBREAK in wet age-related macular degeneration. The cleaner safety profile also de-risks KSI-501 prospects in diabetic macular edema, adds the firm. Notably, management now intends to accelerate Biologics License Application timing, filing around/earlier than the DAYBREAK readout.