Kodiak Sciences gains on speculation it could become an activist target

Jun. 01, 2022 10:56 AM ETKodiak Sciences Inc. (KOD)By: Joshua Fineman, SA News Editor2 Comments

AMD Abbreviation or acronym of age-related macular degeneration - eye problem in older persons. Word AMD is on foreground near eye model with stethoscope and visual acuity test on blurry background

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  • Kodiak Sciences Inc. (NASDAQ:KOD) rose 8.4% as traders circulated a report from Tuesday that biopharma company could become a target for an activist investor after its stock plunged in February.
  • The company is at the top of Insightia's Vulnerability ranking of companies most likely to be targeted by an activist.
  • An activist could potentially push for Kodiak (KOD) to sell its technology to a larger drugmaker, according to the report. Kodiak has a market cap of $360 million, but net assets of almost $600 million, including $671 million of cash.
  • Kodiak (KOD) stock plunged 80% on Feb. 23 after its KSI-301 trial for vision disorder fails to meet main goal. The company said results showed that KSI-301 did not meet the primary efficacy endpoint of showing non-inferior visual acuity gains for patients dosed on extended regimens compared to aflibercept given every eight weeks.
  • Kodiak (KOD) has short interest of 10%.
  • Kodiak (KOD) is scheduled to present at a Jefferies conference next Thursday.

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