Kodiak Sciences shares surged 177.96% to close at $89.92 on Monday, after rising as much as 196% intraday, following positive Phase 3 DAYBREAK data for Zenkuda in wet age-related macular degeneration. Zenkuda was non-inferior to Regeneron Pharmaceuticals' Eylea on vision improvement and retinal drying, with average visual-acuity gains of 7.2 letters versus 7.6 letters for Eylea. An individualized, fluid-guided dosing strategy enabled 54% of Zenkuda participants to go six months between injections, compared with Eylea's every-eight-week schedule in the study. Tabirafusp-ted also met its primary endpoint, producing non-inferior efficacy and a 6.3-letter average visual-acuity gain. Kodiak said it plans to submit late-stage trial data in the fourth quarter and targets a biologics license application for Zenkuda later this year. Jefferies reduced its Kodiak price target to $112 from $156 while maintaining a Buy rating, citing Zenkuda's potential and cautioning that real-world durability may differ from trial results. Hedge-fund ownership rose to 37 funds in the second quarter, although their combined Kodiak holdings fell 3% to $1.129 billion.