GreenWood Investors LLC, an investment management firm, released its second quarter 2022 investor letter. A copy of the same can be downloaded here. The portfolio was not performed as per the standard in the second quarter. The US-denominated Global Micro Fund was down 16.6% in the quarter, and its euro-denominated Luxembourg fund returned -17.0%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
GreenWood Investors discussed stocks like Kodiak Sciences Inc. (NASDAQ:KOD) in the second quarter investor letter. Based in Palo Alto, California Kodiak Sciences Inc. (NASDAQ:KOD) is a biopharmaceutical company. September 16, 2022, Kodiak Sciences Inc. (NASDAQ:KOD) stock closed at $9.11 per share. One-month return of Kodiak Sciences Inc. (NASDAQ:KOD) was -11.72% and its shares lost 90.88% of their value over the last 52 weeks. Kodiak Sciences Inc. (NASDAQ:KOD) has a market capitalization of $474.086 million.
Here is what GreenWood Investors specifically said about Kodiak Sciences Inc. (NASDAQ:KOD) in its Q2 2022 investor letter:
“Kodiak Sciences Inc. (NASDAQ:KOD) busted earlier this year as its first of six pivotal Phase 3 trials on its lead compound, tarcocimab (formerly KSI-301), failed its very poorly designed clinical trial. The company’s drug will fill a significant unmet medical need, particular for diabetic and elderly patients with macular edema who have given up going to their doctor every 1-2 months to get their eye injected with Regeneron’s EYLEA. Industry research suggests that well over half of patients have chosen deteriorating vision over the inconvenience of getting their eyes injected every 1-2 months. That’s where tarcocimab comes in. In recent trials, even the “failed” trial, it has shown that 60-70% of patients can go five months or longer while maintaining the same significantly improved vision. While there are multiple therapies available for these patients, there are none that have the durability of tarcocimab.
Subsequent to us taking a stake, Kodiak announced positive data on its most recent registration trial BEACON. Tarcocimab seeks to disrupt a $13 billion industry, but more importantly, fill an important gap in the macular edema market. In our conversations with doctors actively engaged in research & clinical trials, they are very eager to have a drug that they can dose less frequently. Shares have perked up since announcing the BEACON top line data, but given they still trade below cash levels, they give us a lot of upside as subsequent trials prove out that the drug works. Given the rest of the pivotal trials will read out in the next nine months, we won’t have to wait long until tarcocimab is able to serve the significant unmet medical need, and file for approval with the FDA next year.”
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Kodiak Sciences Inc. (NASDAQ:KOD) is in not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Kodiak Sciences Inc. (NASDAQ:KOD) at the end of the second quarter which was 18 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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