Kodiak Sciences Inc. ( KOD ) shares are up on Thursday following the announcement of positive topline results in the GLOW2 Phase 3 study for Zenkuda (tarcocimab tedromer) in treating diabetic retinopathy.

Diabetic retinopathy is an eye complication of diabetes caused by high blood sugar damaging retinal blood vessels, leading to leakage, bleeding, and potential vision loss.

The stock’s movement comes as the company is reportedly advancing its plans for a Biologics License Application (BLA) submission.

Zenkuda Delivers Statistically Significant Efficacy

In the GLOW2 study, Zenkuda demonstrated significant efficacy, with 62.5% of patients achieving a ≥2-step improvement in Diabetic Retinopathy Severity Scale (DRSS) scores compared to just 3.3% in the sham group, indicating a strong statistical significance.

Zenkuda also demonstrated superiority to sham with an 85% risk reduction in the key secondary endpoint of development of sight-threatening complications (2.4% with Zenkuda versus 15.8% with sham) and with a ≥3-step improvement in DRSS (13.7% with Zenkuda versus 0% with sham).

The CEO, Victor Perlroth, expressed optimism about the company’s multi-indication BLA-ready profile and the ongoing Phase 3 studies for other therapies.

The study included a diverse patient population, including those with proliferative diabetic retinopathy and mild diabetic macular edema.

Notably, Zenkuda was well-tolerated, with low rates of ocular adverse events, reinforcing its potential as a leading treatment option in the diabetic retinopathy space.

Technical Analysis

Kodiak Sciences ( KOD ) is currently trading 45.5% above its 20-day simple moving average (SMA) and 47.5% above its 100-day SMA, indicating strong short-term momentum.

Over the past 12 months, shares have surged by 1086.88%, and they are positioned closer to their 52-week highs than lows, reflecting robust long-term growth.

The RSI is at 42.81, which is considered neutral territory, suggesting that the stock is neither overbought nor oversold at this time. Meanwhile, MACD is at -0.8342, below its signal line at -0.5794, indicating bearish pressure on the stock.

The combination of neutral RSI and bearish MACD suggests mixed momentum, indicating that while the stock is not currently overbought, there may be some selling pressure to watch.

Key Resistance: $40.00

Key Support: $30.00

Analyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $15.71. Recent analyst moves include:

HC Wainwright & Co.: Buy (Maintains Target to $38.00) (Feb. 10)

UBS: Initiated with Buy (Target $50.00) (Jan. 7)

KOD Price Action: Kodiak Sciences ( KOD ) shares were up 52.22% at $34.63 at the time of publication on Thursday. The stock is trading at a new 52-week high, according to Benzinga Pro data.