Under the Radar: Kodiak Shares Surge as Eye Drug Matches Regeneron's -- WSJ

By Xavier Martinez

Shares of Kodiak Sciences surged more than 170% Monday-on pace for its largest one-day increase on record-after the company announced its eye drug matched Regeneron's blockbuster Eylea in a Phase 3 trial.

Palo Alto, Calif.-based Kodiak said that more than half of patients with wet age-related macular degeneration who took its experimental drug Zenkuda went six months between eye injections. whereas Eylea patients typically get a shot every two months. Kodiak said it plans to seek FDA approval for Zenkuda in the fourth quarter.

Citi analyst Geoff Meacham wrote in a note that Zenkuda is "emerging as a credible longer-term competitor" to Eylea HD, the higher-dose version of Regeneron's blockbuster medicine. He said investors will focus on how long patients can go between shots. Regeneron shares fell more than 4%.

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September 28, 2026 13:35 ET (17:35 GMT)