Kodiak Sciences dips after boosted $160 mln equity raise

Eye-drug developer Kodiak Sciences' KOD.O shares down 0.6% before the bell at $23.98 after $160 mln follow-on priced

Palo Alto, California-based biotech late Tues said it sold ~7 mln shares at $23, a 4.7% discount to last sale

KOD shares closed up nearly 5% on Tues after co late Mon commenced 6 mln share offering

Co, which has ~53 mln shares outstanding, plans to use net proceeds for working capital and general corp purposes, per the prospectus

JP Morgan, Jefferies, Evercore and UBS are joint bookrunners

Through Tues close, KOD shares surged nearly seven-fold over the past six months, putting them up ~143% YTD

Avg rating among 8 analysts is "buy" and median PT is $24, per LSEG data