Kodiak Sciences' Zenkuda shows non-inferior six-month dosing vs Eylea, shares double

Four years ago Kodiak Sciences saw its share price plunge about 80% after its lead eye-disease candidate failed a head-to-head trial against Regeneron's Eylea, wiping out roughly $2 billion in market value. The setback forced the company to refocus on the same drug, now called Zenkuda, aiming for a longer-acting treatment for wet age-related macular degeneration.

New trial data released this week indicated that Zenkuda, given every six months, was non-inferior to monthly Eylea injections. The study also highlighted a diagnostic tool that flags patients likely to need more frequent dosing based on fluid levels in the eye.

Following the announcement, Kodiak's stock more than doubled, adding about $3 billion to its market capitalization.