Kodiak Sciences shares surge on successful drug trial

Shares of Kodiak Sciences experienced a significant surge, climbing 68.6% to a multi-year high following the successful completion of a late-stage study. The company's experimental drug met its primary endpoint in treating diabetes-related eye damage. This positive outcome in a pivotal trial is a major milestone for Kodiak Sciences, potentially paving the way for regulatory approval and commercialization. The strong market reaction reflects investor confidence in the drug's efficacy and the company's future prospects.