PALO ALTO, Calif. — Shares of Kodiak Sciences more than doubled on Monday after the retina-focused biotechnology company said two experimental treatments for wet age-related macular degeneration met the main goal of a pivotal Phase 3 trial. The stock rose 143.34%, or $46.37, to $78.72 as of 10 a.m. Eastern time, from a prior close of about $32.35.

Kodiak announced the results of the DAYBREAK study before the market opened. The company said the primary endpoints were met for both Zenkuda, also known as tarcocimab tedromer, and tabirafusp-ted, known as KSI-501, with both demonstrating non-inferiority in vision gains compared with aflibercept, sold as Eylea, at one year. The move started before the open: Investing.com reported the shares were up 31.9% in pre-open trading after the release, and they had already climbed into the $50s in earlier premarket trading ahead of the data, according to Timothy Sykes' market news site.

Wet AMD is a leading cause of vision loss, according to GuruFocus, and is treated with anti-VEGF drugs such as aflibercept. Kodiak said Zenkuda showed strong immediacy of effect, matching or exceeding aflibercept through the loading phase, and strong durability, with 54% of patients achieving six-month durability at year one while the company used strict treat-to-dryness retreatment criteria. Kodiak described that as a........

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