Chardan Global Insights analyst Daniil Gataulin downgraded the Kodiak Sciences Inc (NASDAQ:KOD) rating to Neutral from Buy.
On July 24, Kodiak announced topline results from three Phase 3 studies of tarcocimab tedromer, a novel antibody biopolymer conjugate, for neovascular age-related macular degeneration (AMD) and diabetic macular edema.
The GLEAM and GLIMMER studies of tarcocimab tedromer enrolled 460 and 457 treatment-naïve subjects with DME, respectively. The DAYLIGHT study evaluated the efficacy and safety of a high-intensity dosing regimen of tarcocimab tedromer in 557 treatment-naïve subjects with wet AMD.
While DAYLIGHT met the primary endpoint of non-inferiority in visual acuity gains for monthly dosing of ‘301 vs. aflibercept (dosed every 8 weeks after three loading doses), GLEAM and GLIMMER studies did not meet their primary endpoint of non-inferiority in visual acuity gains in the ‘301 arm (dosed 8-24 wks after three monthly loading doses) vs. aflibercept (dosed every 8 wks after 5 monthly loading doses), notes the analyst.
Given that GLEAM and GLIMMER studies were the basis for the company’s regulatory and clinical development strategy, Kodiak has decided to discontinue KSI-301 development.
Based on these results and the discontinuation of the KSI-301 program, the analyst downgraded KOD shares to Neutral and withdrew the price target.
Price Action: KOD shares are trading lower by 5.07% to $3.74 on the last check Tuesday.
