Kodiak Sciences downgraded to Neutral from Buy at Chardan

Chardan analyst Daniil Gataulin downgraded Kodiak Sciences to Neutral from Buy and withdrawing the firm’s prior price target after the GLEAM and GLIMMER studies in diabetic macular edema, or DME, did not meet their primary endpoint of non-inferiority in visual acuity gains in the ‘301 arm versus aflibercept. Kodiak has made the decision to discontinue KSI-301 development given that the GLEAM and GLIMMER studies were the basis for the company’s regulatory and clinical development strategy, the analyst noted.