Why Kodiak Sciences Stock Is Tumbling Today

Shares of Kodiak Sciences (NASDAQ: KOD) were tumbling 11.1% lower as of 12:07 p.m. EDT on Monday. The decline came after the company provided its first-quarter update.

Kodiak reported a net loss in Q1 of $0.98 per share with no revenue. That bottom-line result was a little worse than the average analysts' estimate of a net loss of $0.97 per share. However, the sell-off of the biotech stock probably stemmed more from another announcement.

The company already has four pivotal late-stage studies in progress for lead candidate KSI-301. Two of those studies target diabetic macular edema (DME), an eye disease that's a complication of diabetes. One targets retinal vein occlusion (RVO). Kodiak also has a phase 3 study under way evaluating KSI-301 in treating wet age-related macular degeneration (AMD). Today, the drugmaker announced that it's adding another late-stage study in the wet AMD indication.

Source Fool.com