UBS analyst Eliana Merle downgraded Kodiak Sciences to Neutral from Buy with a price target of $4, down from $15. The analyst cites the tarcocimab discontinuation for the downgrade. While the company is trading below cash, there is limited visibility into Kodiak’s plans from here given the discontinuation of the lead program and limited catalysts on its plans from here at this time, the analyst tells investors in a research note.
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