Shares of Kodiak Sciences Inc. (KOD) experienced a substantial drop, plummeting 56.9% and reaching a record-low, as the California-based biotechnology company made the announcement to discontinue the development of their wet age-related macular degeneration (AMD) treatment, tarcocimab. This decision follows the drug's failure to meet primary efficacy endpoints in two patient studies conducted with longer treatment intervals. Moreover, an unexpected increase in cataracts over time further contributed to the discontinuation.
Despite this setback, Kodiak Sciences remains in a strong financial position. As of June 30, the company boasts approximately $379 million in cash and cash equivalents, providing ample resources for future endeavors. Alongside this, Kodiak Sciences affirms its ongoing commitment to their vision and mission of developing transformative therapies for prevalent diseases.
It is important to note that Kodiak Sciences' stock is anticipated to open below the record-low close of $4.30 achieved on May 2. Nevertheless, the stock has shown a modest 1.8% gain year to date. Comparatively, while the iShares Biotechnology exchange-traded fund (IBB) has seen a slight increase of 0.1%, the S&P 500 has advanced by a notable 18.2%.
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