Investment Firm Doubles Down on Biotech Stock, Adds 386,000 Shares, According to Recent SEC Filing

By Jake Lerch – Mar 9, 2026 at 9:46AM ESTKey PointsAcquired 386,000 shares of Kodiak Sciences (NASDAQ: KOD); estimated transaction value of $7.90 million based on quarterly average pricingQuarter-end Kodiak Sciences position value rose by $19.49 million, reflecting both trading and price movementTransaction represented a 1.73% increase relative to fund 13F AUMBoxer Capital Management, LLC held 1,136,000 Kodiak Sciences shares valued at $31.76 million after the tradeKodiak Sciences position now represents 6.95% of 13F AUM, which places it outside the fund's top five holdingsBoxer Capital Management, LLC reported a buy of 386,000 Kodiak Sciences (KOD 0.86%) shares in its February 17, 2026, SEC filing, an estimated $7.90 million trade based on quarterly average pricing.What HappenedIn a February 17, 2026, SEC filing, Boxer Capital Management, LLC disclosed the purchase of 386,000 additional shares of Kodiak Sciences. The estimated transaction value was $7.90 million, based on the mean unadjusted closing price over the October to December 2025 quarter.

The Kodiak Sciences position’s value increased by $19.49 million since the previous filing, a figure that reflects both new share purchases and share price appreciation.What Else to KnowThe buy brought Kodiak Sciences to 6.95% of Boxer Capital Management, LLC’s 13F reportable AUM.Top five holdings after the filing:NASDAQ:TNGX: $96.36 million (21.1% of AUM)NASDAQ:RVMD: $31.86 million (7.0% of AUM)NASDAQ: KOD: $31.76 million (7.0% of AUM)NASDAQ:KYMR: $25.61 million (5.6% of AUM)NASDAQ:CELC: $22.44 million (4.9% of AUM)As of February 17, 2026, Kodiak Sciences shares were priced at $22.66, up 340.0% over the past year, outperforming the S&P 500 by 318.88 percentage points.Company OverviewMetricValuePrice (as of market close February 17, 2026)$22.66Market capitalization$1.20 billionNet income (TTM)($217.34 million)One-year price change340.00%Company SnapshotDevelops and advances therapeutics for retinal diseases, with lead candidate KSI-301 in Phase IIb/III clinical trials targeting wet age-related macular degeneration and other retinal indications.Operates a clinical-stage biopharmaceutical model, generating revenue primarily through the future commercialization of proprietary drug candidates currently in development.Develops therapeutics for retinal diseases, including age-related macular degeneration and diabetic macular edema.Kodiak Sciences is a clinical-stage biotechnology company specializing in the research and development of novel therapies for retinal diseases. The company's strategy centers on leveraging its antibody biopolymer conjugate platform to address significant unmet needs in ophthalmology. With a focused pipeline and a lead candidate in late-stage trials, Kodiak Sciences aims to establish a competitive edge through innovative science and targeted market positioning.What This Transaction Means for InvestorsBoxer Capital, a California-based investment firm, recently disclosed the purchase of about $7.9 million worth of Kodiak Sciences stock. Here are some key takeaways for average investors.First off, Kodiak stock has performed exceptionally well over the last year. During that time, shares are up an astounding 564%. Therefore, it’s no surprise that a biotech-focused firm like Boxer Capital has added aggressively to its position in the company. Kodiak now represents the firm’s third-largest position by asset value, comprising about 7% of the firms overall AUM.While it might be tempting for retail investors to chase this incredible rally, there are risks in doing so. For one, the biotech sector is notorious for its volatility. This is due to the nature of the industry. Companies spend liberally to develop breakthrough treatments, which often show promising initial results. However, during the course of clinical trials and the government approval process, some percentage of these treatments lose their luster. As a result, biotech stocks often soar in value, only to later plummet when bad news arrives in the form of a disappointing clinical trial or a Food and Drug Administration (FDA) rejection.Consequently, many investors, particularly risk-averse investors, would be wise to consider a biotech ETF, which helps mitigate volatility by spreading risk among many stocks within the sector.About the AuthorJake Lerch is a contributing Motley Fool technology analyst covering artificial intelligence, cloud computing, cybersecurity, e-commerce, and semiconductors. Prior to The Motley Fool, Jake worked for 12 years at Credit Suisse, an international investment bank. He holds a bachelor’s degree in business with a concentration in economics from the University of North Carolina at Wilmington.TMFRescueDogStocks MentionedKodiak SciencesNASDAQ: KOD$24.65(-0.86%)-$0.22*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.