JP Morgan Upgrades Kodiak Sciences (KOD) to Neutral with New Price Target of $15.00

JP Morgan has upgraded Kodiak Sciences (KOD) to a 'Neutral' rating from 'Underweight', with a new price target of $15.00. This change reflects a shift in the analytical assessment by Anupam Rama, indicating a change in the stock's perceived potential according to JP Morgan's analysis team. Kodiak Sciences specializes in novel therapeutics for high-prevalence retinal diseases.

JP Morgan has upgraded Kodiak Sciences (KOD) to a 'Neutral' rating from 'Underweight', with a new price target of $15.00. This change reflects a shift in the analytical assessment by Anupam Rama, indicating a change in the stock's perceived potential according to JP Morgan's analysis team. Kodiak Sciences specializes in novel therapeutics for high-prevalence retinal diseases.

The upgrade comes as Kodiak Sciences enters a "catalyst-rich period" with pivotal data expected for several key products, including tarcocimab, KSI-501, and KSI-101 [1]. The firm noted that the company's strong liquidity, with a current ratio of 4.62, and the potential for clear clinical wins in upcoming pivotal studies could shift market sentiment [1]. Despite the upgrade, JPMorgan emphasized that market expectations for the forthcoming data releases are still evolving. The company will need to demonstrate success in its clinical trials to meaningfully change market sentiment [1].

Kodiak Sciences recently reported its Q2 2025 financial results, showing a GAAP net loss of $54.3 million, which missed analyst estimates but beat the consensus by $0.04 [2]. The company's cash position remains strong, with $104.2 million in reserves, supporting operations through 2026 [1]. The company's shares soared following an upgrade from Jefferies, which raised its price target to $20 from $6, citing progress in the company's clinical pipeline and the potential of tarcocimab in treating retinal diseases [1].

Kodiak Sciences continues to advance its clinical pipeline, with multiple Phase 3 readouts expected between the first quarter of 2026 and the first quarter of 2027. The company's KSI-101 Phase 1b data in MESI patients showed rapid anatomical improvements and over 90% of patients achieving dryness by week 8 [1].

References:
[1] https://www.stocktitan.net/news/KOD/kodiak-sciences-announces-recent-business-highlights-and-second-3gycq350yqmy.html
[2] https://www.nasdaq.com/articles/kodiak-sciences-beats-q2-loss-estimates