Kronos Bio (NASDAQ:KRON) Downgraded by Piper Sandler to “Neutral”

Piper Sandler cut shares of Kronos Bio (NASDAQ:KRON) from an overweight rating to a neutral rating in a report released on Thursday, Marketbeat Ratings reports. The firm currently has $1.00 price objective on the stock, down from their previous price objective of $6.00.

KRON has been the subject of several other reports. TD Cowen lowered shares of Kronos Bio from a “buy” rating to a “hold” rating in a report on Thursday. HC Wainwright reiterated a “buy” rating and set a $2.25 price objective on shares of Kronos Bio in a research note on Monday, August 19th.

Kronos Bio Stock Down 0.4 %

Shares of KRON stock traded down $0.00 during mid-day trading on Thursday, reaching $0.85. 557,645 shares of the company’s stock traded hands, compared to its average volume of 268,176. The company’s 50-day moving average price is $0.95 and its 200-day moving average price is $1.03. The company has a market cap of $51.10 million, a P/E 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.

Hedge Funds Weigh In On Kronos Bio

A number of institutional investors and hedge funds have recently made changes to their positions in KRON. Vanguard Group Inc. increased its stake in shares of Kronos Bio by 14.6% in the 1st quarter. Vanguard Group Inc. now owns 1,948,595 shares of the company’s stock worth $2,533,000 after purchasing an additional 247,918 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Kronos Bio by 17.2% during the first quarter. Acadian Asset Management LLC now owns 774,559 shares of the company’s stock valued at $1,005,000 after purchasing an additional 113,618 shares during the period. Forefront Analytics LLC increased its position in Kronos Bio by 75.0% in the second quarter. Forefront Analytics LLC now owns 134,998 shares of the company’s stock worth $167,000 after buying an additional 57,867 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Kronos Bio in the first quarter worth about $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.