Kodiak Sciences Inc

Kodiak Sciences reported new Phase 3 data showing its eye drugs Zenkuda and tabirafusp alfa tedromer matched Eylea on primary endpoints for macular degeneration treatment, putting fresh competitive pressure on Regeneron Pharmaceuticals. The trial reported similar vision outcomes with Kodiak's candidates given roughly every six months versus Eylea's current eight week dosing interval. Regeneron, a US biotech group with a US$78.7b market cap, relies on Eylea as a key product in eye disorders, and the company's investor narrative already flags heavy reliance on Eylea and intensifying branded and biosimilar competition as a key risk to revenue sustainability. Kodiak plans to move closer to potential FDA filings in the fourth quarter of 2026, and the clearest early sign of impact will be Eylea and Eylea HD sales trends, with quarterly volume and pricing data in retinal disorders showing whether eye specialists actually switch away from Regeneron. Attention also remains on how quickly Regeneron can shift its mix toward Dupixent, Eylea HD and newer areas like oncology and obesity.

Boeing shares fell 1.9% in premarket trading after The Wall Street Journal reported the planemaker identified a software glitch on its 737 MAX that can disable an automated navigation function during a landing following a missed approach, prompting concerns among industry officials and a review by U.S. regulators. Kodiak Sciences surged 31.9% in premarket trading after releasing topline results from its pivotal DAYBREAK Phase 3 study evaluating two investigational therapies, Zenkuda and KSI-501, in patients with wet age-related macular degeneration, with the move indicating the data met or exceeded the study's primary endpoint of non-inferiority in visual acuity gains versus aflibercept. Roblox fell 4% after Jefferies downgraded the stock to Underperform from Hold and cut its price target to $38, arguing the roughly 30% rally following second-quarter earnings had priced in an overly optimistic bookings outlook. Circle Internet Group fell 3.5% after announcing Chief Financial Officer Jeremy Fox-Geen plans to step down after more than five years in the role, remaining through the end of December 2026 while the company searches for a successor.

Geely agreed to acquire a 30% stake in NIO's battery-swapping business in a deal valuing the unit at roughly $2.4B, sending NIO shares up 2%. Zhejiang Geely Holding Group will contribute its commercial-vehicle battery-swapping business and pay 640M yuan, or $95M, in cash, and the two companies are discussing Geely's adoption of NIO's battery-swapping technology for its passenger and commercial vehicles while opening the charging and swapping collaboration to other industry participants. Gold Fields shares plunged 13% after Northern Star Resources rejected its $27B takeover proposal, saying the offer materially undervalued the Australian gold miner. Gold Fields proposed acquiring Northern Star through a combination of 0.3125 Gold Fields shares and A$7.25 in cash for each Northern Star share, initially valuing the target at A$38.7B, a 22% premium to its Sept. 11 closing price, though based on Gold Fields' Sept. 25 closing price the implied value had fallen to A$36.1B. Northern Star's board unanimously rejected the proposal, calling it highly opportunistic. Kodiak Sciences shares rose 7% ahead of the company's planned release of topline results from the DAYBREAK Phase 3 study evaluating Zenkuda, also known as tarcocimab tedromer, and KSI-501, also known as tabirafusp alfa tedromer, in patients with wet age-related macular degeneration, with results scheduled to be reported today at 8:30 AM Eastern Time.

Kodiak Sciences announced the initiation of its global late-stage ALTO study evaluating KSI-501 in patients with diabetic macular edema. The phase III trial will enroll approximately 910 patients randomized to receive either KSI-501 5 mg or Eylea 2 mg, with a primary endpoint of mean change in best-corrected visual acuity from baseline. KSI-501 is an investigational bispecific therapy targeting IL-6 and VEGF, and the study will assess whether dual inhibition can provide greater visual improvements and longer treatment durability. Top-line data from a separate phase III DAYBREAK study of KSI-501 in wet age-related macular degeneration are expected in September 2026. Year to date, Kodiak's shares have risen 55.2% compared with the industry's 6% growth.