Read Why Barclays Analyst Is 'Negatively Biased' On Kodiak Sciences

Barclays has lowered the firm's price target on Kodiak Sciences Inc KOD to $50 from $81 and keeps an Underweight rating on the shares, representing an almost 20% downside.

• The analyst dropped the price target to reflect a lower probability of success and lower peak penetrations.
• After conducting a "deep dive" ahead of the "binary catalyst: of the KSI- 301 Phase 2/3 DAZZLE study in wet macular degeneration in late Q1, analyst Gena Wang continues to be "negatively biased." 
• Last week, the Company completed enrollment in its GLEAM and GLIMMER Phase 3 trials of KSI-301, Kodiak's anti-VEGF antibody biopolymer conjugate, in diabetic macular edema (DME). 
• The Company says topline data from the DAZZLE trial is expected this quarter and mid-year for BEACON.
• KSI-301 is an investigational anti-VEGF therapy built on Kodiak's Antibody Biopolymer Conjugate (ABC) Platform. It is designed to maintain potent and effective drug levels in ocular tissues for longer than available agents. 
• Price Action: KOD shares are down 0.26% at $63.62 during the market session on the last check Monday.