Why Kodiak Sciences Stock Is Cratering Today

Shares of the clinical-stage biotech Kodiak Sciences (NASDAQ: KOD) are down by a hefty 80.3% as of 2:22 p.m. ET Wednesday afternoon. The drugmaker's stock is plunging today in response to its lead product candidate, KSI-301, failing to meet the primary endpoint of a combined phase 2/3 trial as a treatment for wet age-related macular degeneration (wet AMD).

Specifically, Kodiak said that KSI-301 didn't exhibit long-term non-inferiority when compared to Regeneron Pharmaceuticals' (NASDAQ: REGN) blockbuster medication Eylea (aka aflibercept). The developmental biotech was hoping that its rival therapy would offer patients a more convenient option relative to Regeneron's market-leading product. 

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Source Fool.com