Kodiak Sciences

KOD · NASDAQ

$92.97+$1.62 (+1.77%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $91.35

KOD analyst rating

BuyConsensus of 6 analysts over the last 12 months. 83% rate it a buy.

Strong buy0
Buy5
Hold1
Underperform0
Sell0

12-month price target · 7 analysts

Average $117.50 (+26.4% upside)

Low: $96.96
Now: $92.97
High: $152.25

Upgrades and downgrades

The latest rating actions, newest first

KOD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Oct 12, 2026	Maintains	Buy	$96.00 → $126.00	47%
LifeSci Capital	Sep 28, 2026	Maintains	Outperform	$85.00 → $145.00	75%
UBS	Sep 28, 2026	Maintains	Buy	$80.00 → $120.00	53%
HC Wainwright & Co.	Sep 28, 2026	Maintains	Buy	$58.00 → $96.00	47%
Goldman Sachs	Sep 24, 2026	Initiates	Neutral	$36.00	42%
HC Wainwright & Co.	Sep 17, 2026	Maintains	Buy	$58.00	47%
HC Wainwright & Co.	Aug 17, 2026	Maintains	Buy	$58.00	47%
JP Morgan	Aug 3, 2026	Maintains	Overweight	$56.00 → $66.00	48%
Chardan Capital	May 11, 2026	Upgrade	Neutral → Buy	$14.00 → $61.00	54%
UBS	Mar 27, 2026	Maintains	Buy	$50.00 → $80.00	53%

The case for and against

Updated Oct 21, 2026

Bull case

Kodiak Sciences is viewed positively because its ABC platform now appears to combine rapid, unconjugated efficacy with conjugated durability, addressing the major clinical weakness that hurt the original tarcocimab program in GLEAM, GLIMMER, and DAZZLE. The reformulated Zenkuda and KSI-501 programs have since shown phase 3 validation, including BCVA non-inferiority to aflibercept and 54% of wet AMD patients reaching 6-month dosing, while tarcocimab’s 19.6-day ocular half-life compares favorably with faricimab’s 7.5 days. With a three-indication BLA submission planned for 4Q26 across wet AMD, DR, and RVO, plus upcoming KSI-101 readouts in December 2026 and 2Q27, the company has multiple catalysts that could support broader commercialization and value creation.

Bear case

Kodiak Sciences is a developmental-stage biopharmaceutical company whose value depends heavily on unproven retinal assets, so clinical or commercial setbacks in tarcocimab, KSI-501, or KSI-101 could quickly undermine the investment case. Its own valuation framework assumes meaningful 2036 EPS and cash flows discounted back to December 2026, which highlights how far-dated and execution-dependent the thesis is rather than grounded in current operating strength. The company also faces explicit financing risk, as the cited analysis flags the possibility of failing to secure capital resources while still needing to fund ongoing development and commercialization.

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