Kodiak Sciences surges after boosted $160 mln equity raise
Eye-drug developer Kodiak Sciences' KOD.O shares reverse small premarket loss and up 17% to $28.24 early Weds after upsized $160 mln follow-on priced
KOD shares on course for biggest one-day pct gain since Oct 20
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
With the move on Weds, shares up about eight-fold over the past six months, putting them up >180% YTD
Avg rating among 8 analysts is "buy" and median PT is $24, per LSEG data
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