H.C. Wainwright lowered the firm’s price target on Kronos Bio to $2.50 from $9 and keeps a Buy rating on the shares after Kronos announced it is shutting down development of lanraplenib after a review of Phase 1b data from the Phase 1b/2 trial of lanraplenib + gilteritinib in FLT3-mutated relapsed or refractory acute myeloid leukemia and will not proceed to Phase 2 development. The firm, which removed lanraplenib from its model, now looks forward to KB-0742 expansion cohort data in mid-2024.
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