Piper Sandler Downgrades Kronos Bio (NASDAQ:KRON) to Neutral

Kronos Bio (NASDAQ:KRON) was downgraded by equities research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Thursday, Marketbeat Ratings reports. They presently have a $1.00 price objective on the stock, down from their prior price objective of $6.00. Piper Sandler’s target price would suggest a potential upside of 17.65% from the company’s current price.

Other research analysts have also recently issued research reports about the company. TD Cowen cut Kronos Bio from a “buy” rating to a “hold” rating in a research report on Thursday. HC Wainwright reissued a “buy” rating and issued a $2.25 price objective on shares of Kronos Bio in a research report on Monday, August 19th.

Kronos Bio Price Performance

Shares of NASDAQ:KRON opened at $0.85 on Thursday. The stock has a market cap of $51.25 million, a price-to-earnings ratio of -0.60 and a beta of 1.86. Kronos Bio has a 12-month low of $0.69 and a 12-month high of $1.60. The business’s 50 day moving average is $0.95 and its 200 day moving average is $1.03.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of 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 buying an additional 247,918 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Kronos Bio by 58.8% during the 2nd 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. Forefront Analytics LLC lifted its position in shares of Kronos Bio by 75.0% during the 2nd quarter. Forefront Analytics LLC now owns 134,998 shares of the company’s stock valued at $167,000 after buying an additional 57,867 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Kronos Bio during the 1st quarter valued at $71,000. Hedge funds and other institutional investors own 64.09% of the company’s stock.

About Kronos Bio

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.