Upsized Offering: Kodiak Sciences announced the pricing of an upsized public offering of 6,956,522 shares at $23 each, expected to raise approximately $160 million, which will strengthen the company's financial position to support its R&D initiatives.
Underwriter Selection: The offering is managed by J.P. Morgan, Jefferies, Evercore ISI, and UBS Investment Bank, reflecting market confidence in the company's prospects and potentially increasing investor interest in its stock.
Market Reaction Anticipation: The offering is expected to close on December 18, 2025, and if successful, will provide essential funding to advance its late-stage clinical programs, particularly in treatments for retinal diseases.
Follow-On Purchase Option: Kodiak Sciences has granted underwriters a 30-day option to purchase an additional 1,043,478 shares at the same price, further enhancing market liquidity and investor confidence.
KOD
$24.13+Infinity%1D
Analyst Views on KOD
Wall Street analysts forecast KOD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for KOD is 24.17 USD with a low forecast of 14.00 USD and a high forecast of 40.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
6 Analyst Rating
Wall Street analysts forecast KOD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for KOD is 24.17 USD with a low forecast of 14.00 USD and a high forecast of 40.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Buy
2 Hold
0 Sell
Moderate Buy
Current: 23.020
Low
14.00
Averages
24.17
High
40.00
Current: 23.020
Low
14.00
Averages
24.17
High
40.00
H.C. Wainwright
Matthew Caufield
Buy
maintain
$24 -> $26
2025-11-17
Reason
H.C. Wainwright
Matthew Caufield
Price Target
$24 -> $26
2025-11-17
maintain
Buy
Reason
H.C. Wainwright analyst Matthew Caufield raised the firm's price target on Kodiak Sciences to $26 from $24 and keeps a Buy rating on the shares. The firm sees a near-term catalyst for shares from the Phase 3 GLOW2 trial in reformulated tarcocimab in diabetic retinopathy patients expected Q1.
H.C. Wainwright
Matthew Caufield
Neutral -> Buy
upgrade
$5 -> $24
2025-11-11
Reason
H.C. Wainwright
Matthew Caufield
Price Target
$5 -> $24
2025-11-11
upgrade
Neutral -> Buy
Reason
H.C. Wainwright analyst Matthew Caufield upgraded Kodiak Sciences to Buy from Neutral with a price target of $24, up from $5, after the company reported follow-up data from the Phase 1b APEX trial of KSI-101 in patients with macular edema secondary to inflammation. The data support continued best corrected visual acuity improvement and sustained retinal dryness, the analyst tells investors in a research note. H.C. Wainwright says its retinal work supports the prospects for KSI-101, and broader tarcocimab and KSI-501 retinal development.
JPMorgan
Neutral -> Overweight
upgrade
$15 -> $24
2025-10-24
Reason
JPMorgan
Price Target
$15 -> $24
2025-10-24
upgrade
Neutral -> Overweight
Reason
JPMorgan upgraded Kodiak Sciences to Overweight from Neutral with a price target of $24, up from $15. The firm believes the company's KSI-101 in macular edema secondary to inflammation is "de-risked" and could drive upside in the shares as the opportunity is better appreciated by the market. Data from the Phase 3 PEAK and PINNACLE studies of KSI-101 are anticipated in Q4 of 2026 and Q1 of 2027, respectively, the analyst tells investors in a research note.
LifeSci Capital
NULL
to
Outperform
initiated
$40
2025-10-23
Reason
LifeSci Capital
Price Target
$40
2025-10-23
initiated
NULL
to
Outperform
Reason
LifeSci Capital initiated coverage of Kodiak Sciences with an Outperform rating and $40 price target.
About KOD
Kodiak Sciences Inc. is a biopharmaceutical company. The Company has developed a new technology platform, the Antibody Biopolymer Conjugate (ABC) Platform, for retinal medicines. Its ABC Platform uses molecular engineering to merge the fields of protein-based and chemistry-based therapies. Its lead investigational medicine, tarcocimab tedromer, is a novel anti-vascular endothelial growth factor (anti-VEGF) antibody biopolymer conjugate under development for the treatment of high prevalence retinal vascular diseases, including diabetic retinopathy and wet age-related macular degeneration. Its second investigational medicine, KSI-501, is a bispecific antibody biopolymer conjugate designed to inhibit interleukin-6 (IL-6)-mediated inflammation and VEGF. It is also developing a third investigational medicine, KSI-101, an unconjugated bispecific protein targeting IL-6 and VEGF.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
