Kodiak Sciences Surges Over 150% After Both Drugs Hit Primary Endpoints in Phase 3 Wet AMD Trial

Kodiak Sciences shares rocketed more than 150% to a 52-week high of $61.28 on Monday after the company announced that both of its experimental eye drugs, Zenkuda and tabirafusp-ted, met their primary endpoints in the pivotal Phase 3 DAYBREAK trial for wet age-related macular degeneration. The results would represent the first products Kodiak has ever advanced to potential commercialization.

In the trial, both drugs matched Regeneron's Eylea, a widely used standard-of-care treatment for wet AMD. Zenkuda also demonstrated durable vision gains, with 54% of patients sustaining improvement over a 24-week dosing interval under strict treat-to-dryness real-world retreatment criteria, which Kodiak described as a potential new standard-of-care profile. The company said the results are backed by five positive Phase 3 studies in total.

Kodiak plans to file Zenkuda for regulatory approval in the fourth quarter of 2026. Following the surge, Jefferies cut its price target on the stock citing valuation, though the firm did not reverse its underlying view on the trial data.