Kronos Bio (NASDAQ:KRON) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Kronos Bio (NASDAQ:KRONGet Rating) from a buy rating to a hold rating in a research report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Kronos Bio Inc. is a clinical-stage biopharmaceutical company. It engages in discovery and development of novel cancer therapeutics designed to transform patient outcomes by targeting dysregulated transcription. Kronos Bio Inc. is headquartered in San Mateo, Calif. “

KRON has been the subject of a number of other research reports. Piper Sandler reduced their price target on Kronos Bio from $50.00 to $30.00 and set an overweight rating for the company in a research report on Sunday, February 27th. HC Wainwright reaffirmed a buy rating and issued a $36.00 price target on shares of Kronos Bio in a research report on Tuesday, March 8th.

Shares of NASDAQ:KRON opened at $3.91 on Tuesday. Kronos Bio has a fifty-two week low of $3.78 and a fifty-two week high of $28.42. The business has a 50-day moving average of $6.28 and a two-hundred day moving average of $9.87. The stock has a market capitalization of $221.82 million, a P/E ratio of -1.34 and a beta of 1.94.

Kronos Bio (NASDAQ:KRONGet Rating) last announced its quarterly earnings results on Thursday, February 24th. The company reported ($1.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.06). As a group, equities analysts forecast that Kronos Bio will post -2.85 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Kronos Bio by 1.0% in the first quarter. BlackRock Inc. now owns 3,401,730 shares of the company’s stock worth $24,593,000 after purchasing an additional 32,054 shares during the period. JPMorgan Chase & Co. increased its stake in Kronos Bio by 77.9% during the first quarter. JPMorgan Chase & Co. now owns 2,565,047 shares of the company’s stock valued at $18,546,000 after acquiring an additional 1,123,528 shares during the period. State Street Corp increased its stake in Kronos Bio by 126.3% during the fourth quarter. State Street Corp now owns 1,475,619 shares of the company’s stock valued at $20,054,000 after acquiring an additional 823,589 shares during the period. Nextech Invest AG bought a new position in Kronos Bio during the fourth quarter valued at about $19,726,000. Finally, Victory Capital Management Inc. increased its stake in Kronos Bio by 3.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,305,639 shares of the company’s stock valued at $17,743,000 after acquiring an additional 39,942 shares during the period. Institutional investors and hedge funds own 86.97% of the company’s stock.

About Kronos Bio (Get Rating)

Kronos Bio, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of novel cancer therapeutics. The company's product engine focuses on dysregulated transcription factors and the transcriptional regulatory networks that drive oncogenic activity. Its lead product candidate is entospletinib (ENTO), is an orally administered, selective spleen tyrosine kinase inhibitor for acute myeloid leukemia patients.

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