Kronos Bio price target lowered to $6 from $7 at Piper Sandler

Piper Sandler lowered the firm’s price target on Kronos Bio to $6 from $7 by removing value for lanraplenib, while keeping an Overweight rating on the shares. Recently at AACR-NCI-EORTC, Kronos presented Phase I dose-escalation data showing 60mg KB-0742 achieved one PR and 6 patients with stable disease. Dose escalation has cleared 80mg KB-0742 and Phase II expansion cohorts are dosing patients with 80mg KB-0742 in MYC-amplified solid tumors including NSCLC, TNBC, ovarian cancer and transcriptionally addicted tumors such as sarcoma, chordoma and SCLC with more data in mid-2024. Following review of Phase Ib data, Kronos will not advance lanraplenib into Phase II portion of the AML study, the firm notes.