JPMorgan analyst Anupam Rama downgraded Kodiak Sciences to Underweight from Neutral following the setback of KSI-301 in the GLEAM and GLIMMER studies in diabetic macular edema and removed the firm’s prior $10 price target. Kodiak will now discontinue further development of lead asset KSI-301 after setbacks in multiple indications and the focus will shift to KSI-501, the analyst tells investors.
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