JPMorgan Upgrades Kodiak Sciences To Neutral, Sees Catalyst-Heavy Period Ahead

JPMorgan upgraded Kodiak Sciences (NASDAQ:KOD) from Underweight to Neutral and set a December 2026 price target of $15.00.

The bank said Kodiak is entering a catalyst-rich period over the next two years, with pivotal trial data expected for tarcocimab, KSI-501, and KSI-101. While acknowledging that valuation is not a barrier to a more positive stance, JPMorgan noted that investor sentiment remains mixed and that clear clinical wins may be required to shift views more favorably.

The firm sees Kodiak shares performing in line with the broader biotech sector until further clarity emerges from these upcoming data releases.