Kronos Bio, Inc. (NASDAQ:KRON) Sees Large Decline in Short Interest

Kronos Bio, Inc. (NASDAQ:KRON) was the recipient of a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 674,500 shares, a drop of 5.6% from the September 30th total of 714,200 shares. Based on an average trading volume of 87,800 shares, the days-to-cover ratio is presently 7.7 days. Currently, 1.7% of the company’s shares are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC lifted its stake in Kronos Bio by 58.8% in the second quarter. Acadian Asset Management LLC now owns 1,229,910 shares of the company’s stock valued at $1,524,000 after buying an additional 455,351 shares during the last quarter. Vanguard Group Inc. boosted its stake in Kronos Bio by 14.6% during the 1st quarter. Vanguard Group Inc. now owns 1,948,595 shares of the company’s stock valued at $2,533,000 after purchasing an additional 247,918 shares during the period. Forefront Analytics LLC grew its position in Kronos Bio by 75.0% in the 2nd quarter. Forefront Analytics LLC now owns 134,998 shares of the company’s stock worth $167,000 after purchasing an additional 57,867 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Kronos Bio in the first quarter valued at approximately $71,000. Finally, Marquette Asset Management LLC increased its stake in shares of Kronos Bio by 19.8% in the first quarter. Marquette Asset Management LLC now owns 80,369 shares of the company’s stock valued at $104,000 after purchasing an additional 13,269 shares during the period. Institutional investors and hedge funds own 64.09% of the company’s stock.

Kronos Bio Stock Performance

Shares of KRON stock opened at $0.99 on Friday. The stock has a market capitalization of $59.69 million, a price-to-earnings ratio of -0.57 and a beta of 1.87. Kronos Bio has a one year low of $0.69 and a one year high of $1.60. The company’s 50-day simple moving average is $0.97 and its 200-day simple moving average is $1.03.

Kronos Bio (NASDAQ:KRON) last issued its earnings results on Thursday, August 8th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.05. The company had revenue of $2.69 million for the quarter, compared to analysts’ expectations of $1.75 million. Kronos Bio had a negative net margin of 1,222.83% and a negative return on equity of 68.82%. As a group, research analysts forecast that Kronos Bio will post -1.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $6.00 price objective on shares of Kronos Bio in a research note on Tuesday, October 8th. HC Wainwright reaffirmed a “buy” rating and set a $2.25 price target on shares of Kronos Bio in a research report on Monday, August 19th.

Kronos Bio Company Profile

Kronos Bio, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of therapeutics for various cancer and other serious diseases in the United States. Its lead product candidates are KB-0742, an oral cyclin dependent kinase 9 inhibitor for the treatment of MYC-amplified solid tumors, which is in phase 2 clinical trial; and KB-9558, a core oncogenic transcription factor that drives multiple myeloma.