New Delhi, March 26 -- Even as the broader US markets traded in the red on Thursday, 26 March, Kodiak Sciences witnessed a sharp surge in its shares, marking one of its biggest single-day gains in recent years.

The stock, which had already gained traction in pre-market trade, opened with a massive gap-up at $38.95 and extended its rally to hit an intraday high of $38.95 - a stellar 71.2% jump from its previous close of $22.75.

Thursday's rally also marked the stock's biggest single-day surge in four years, pushing it to its highest level since February 2022.

The sharp rise in the stock was driven by the company's announcement of positive results from a late-stage trial of its treatment for diabetic retinopathy.

Kodiak Sciences has bee...