KOD - BMO downgrades Kodiak Sciences to market perform from outperform; shares slump

BMO analyst Matthew Lucchini has downgraded shares of Kodiak Sciences (KOD) from outperform to market perform due to "limited near-term upside" of anti-VEGF therapy candidate KSI-301.New price target is $143, a significant drop from its mid-afternoon share price of $155.80."We are stepping aside until Phase 3 w/ [age-related macular degeneration] data in early 2022, the next major catalyst," Lucchini writes.Kodiak shares are down 5.2% to $155.80 in mid-afternoon trading.

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BMO downgrades Kodiak Sciences to market perform from outperform; shares slump