Why Are Kodiak Sciences Shares Trading Lower Today?
Portfolio Pulse from Vandana Singh
Kodiak Sciences Inc's shares are falling after the company 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 DAYLIGHT study met the primary endpoint of non-inferior visual acuity gains for tarcocimab dosed monthly compared to Regeneron Pharmaceutical Inc's Eylea. However, the GLEAM and GLIMMER studies did not meet their primary efficacy endpoints. An unexpected increase in cataracts was observed over time in the tarcocimab arms of both GLEAM and GLIMMER. Kodiak has decided to discontinue further development of tarcocimab.
July 24, 2023 | 12:25 pm
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NEGATIVE IMPACT
Kodiak Sciences' shares are falling after the company's Phase 3 studies of tarcocimab tedromer failed to meet primary efficacy endpoints. The company has decided to discontinue further development of tarcocimab.
The failure of the Phase 3 studies and the decision to discontinue further development of tarcocimab are likely to negatively impact Kodiak Sciences' stock price in the short term.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEUTRAL IMPACT
Regeneron Pharmaceutical Inc's Eylea was used as a comparison in Kodiak Sciences' DAYLIGHT study, which met the primary endpoint of non-inferior visual acuity gains for tarcocimab dosed monthly.
Regeneron's Eylea was used as a comparison in the DAYLIGHT study, but the news does not directly impact Regeneron's stock price.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 50