Kodiak Sciences Rises 75% to $40 After Phase 3 GLOW2 Success
Kodiak Sciences’ shares jumped 75% to $40 after Phase 3 GLOW2 results showed 62.5% of Zenkuda patients achieved ≥2-step improvement versus 3.3% with placebo, with zero intraocular inflammation and 85% fewer complications. Trading at a $2.4B market cap against projected $1.5B peak sales implies 1.6x forward sales, suggesting triple upside.
1. Phase 3 GLOW2 Trial Results
On March 26, Kodiak Sciences reported Phase 3 GLOW2 data for Zenkuda (tarcocimab): 62.5% of treated patients achieved at least a two-step disease improvement versus 3.3% on placebo. The trial showed zero intraocular inflammation, an 85% reduction in sight-threatening complications and validated six-month dosing intervals.
2. Market Reaction
The data release triggered a 75% share price surge to $40, boosting Kodiak Sciences’ market capitalization to $2.4 billion. This breakout reflects investor optimism around de-risking Zenkuda’s commercial prospects and the therapy’s differentiated safety and durability profile.
3. Valuation and Upside Potential
With projected peak sales of $1.5 billion by 2030, the stock currently trades at a 1.6x forward sales multiple, well below the 8–10x range typical for late-stage biotechs. Applying a more conservative 5x multiple suggests a $7.5 billion valuation, implying roughly threefold upside should regulatory milestones be met.