Why One Healthcare Fund Increased Its Kodiak Sciences Stake Amid an Eye-Popping Rally

Boxer Capital Management increased its stake in Kodiak Sciences (NASDAQ:KOD) during the first quarter, adding 225,000 shares in a transaction estimated at $5.81 million based on quarterly average pricing, according to a May 15, 2026, SEC filing.

What happened

According to a SEC filing dated May 15, 2026, Boxer Capital Management increased its position in Kodiak Sciences by 225,000 shares over the first quarter. The estimated transaction value was $5.81 million, based on the average closing price for the quarter. The fund’s stake in Kodiak Sciences stood at 1,361,000 shares, with a quarter-end market value of $51.88 million. The net position value change for the quarter was $20.12 million, which includes both trading activity and price movement.

What else to know

• Boxer Capital Management was a net buyer of Kodiak Sciences, with the post-trade stake representing 6.81% of its 13F reportable AUM.
• Top five holdings after the filing:
  • NASDAQ:TNGX: $227.53 million (29.9% of AUM)
  • NASDAQ:KOD: $51.88 million (6.8% of AUM)
  • NASDAQ:RVMD: $48.62 million (6.4% of AUM)
  • NASDAQ:KYMR: $27.41 million (3.6% of AUM)
  • NASDAQ:CELC: $25.68 million (3.4% of AUM)
• As of May 14, 2026, Kodiak Sciences shares were priced at $38.70, up a staggering 1,000% over the past year and vastly outperforming the S&P 500’s roughly 25% gain in the same period.

Company Overview

Company Snapshot

• Kodiak Sciences develops and commercializes therapeutics for retinal diseases, with lead product candidate KSI-301 in late-stage clinical trials for wet age-related macular degeneration, diabetic macular edema, and other retinal conditions.
• The firm operates a clinical-stage biopharmaceutical business model developing proprietary drug candidates; as of the latest reporting period, Kodiak Sciences Inc. reported no revenue.
• It targets ophthalmologists, retina specialists, and healthcare providers treating patients with retinal diseases, focusing on the global ophthalmology market.

Kodiak Sciences Inc. is a clinical-stage biotechnology company specializing in the development of innovative therapeutics for retinal diseases. The company leverages its proprietary antibody biopolymer conjugate platform to advance a pipeline of differentiated drug candidates, aiming to address significant unmet needs in ophthalmology. With a focus on late-stage clinical development and a robust pipeline, Kodiak Sciences seeks to establish a competitive edge through novel therapies targeting both prevalent and underserved retinal conditions.

What this transaction means for investors

This purchase ultimately looks like a bet that Kodiak Sciences’ huge rally may still have room to run if upcoming clinical milestones land the way bullish investors expect. Rather than taking profits after a 1,000% move, Boxer Capital added to its position as the company heads into what management itself called a “defining period.”

Kodiak has several late-stage catalysts approaching. The company recently reported positive Phase 3 GLOW2 data for Zenkuda in diabetic retinopathy, including a 62.5% improvement rate versus 3.3% for sham treatment. Topline Phase 3 DAYBREAK data for wet AMD are expected in September, while additional KSI-101 readouts are anticipated later this year.

Financially, Kodiak ended the quarter with $169.5 million in cash and said existing resources should fund operations into 2027. The company still posted a $58.2 million quarterly net loss and remains pre-revenue.

For long-term investors, this increasingly looks like a high-risk, catalyst-driven biotech story where upcoming trial results could determine whether Kodiak becomes a commercial ophthalmology player or another clinical-stage disappointment.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Kymera Therapeutics. The Motley Fool has a disclosure policy.