** Shares of eye-drug developer Kodiak Sciences KOD.O down 4.4% in extended trading to $22 as it looks to raise equity

** Palo Alto, California-based precommercial biotech commences 6 mln share offering

** JP Morgan, Jefferies, Evercore and UBS are joint bookrunners

** KOD shares fell for 5th-straight session on Mon, finishing down 3.3% at $23.02. But the stock has soared more than six-fold over the past six months

** With ~53 mln shares outstanding, co has $1.2 bln market cap

** Of 8 analysts covering KOD, recommendation breakdown is 5 "strong buy" or "buy", 2 "hold" and 1"sell"; median PT is $24, current LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))