Kodiak Sciences reinstated with a Sell at Goldman Sachs

Goldman Sachs reinstated coverage of Kodiak Sciences with a Sell rating and $2 price target. While the decision to reboot the Phase 3 tarcocimab program for vascular retinal diseases resets Kodiak on a path to approval pending one additional positive pivotal trial, Goldman is cautious on the company’s forward strategy and sees risks skewed to the downside on clinical, regulatory and commercial questions, the analyst tells investors in a research note. Goldman is cautious on the tarcocimab reboot.