Kodiak Sciences surges after boosted $160 mln equity raise

Eye-drug developer Kodiak Sciences' KOD.O shares 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

Life sciences investor Baker Brothers, which owned ~17.3 mln shares prior to the equity raise, per LSEG, indicated interest to purchase up to one-third of offering shares

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