Keros Therapeutics, Inc. (KROS) saw a notable increase in its stock price on December 13, 2024, closing at $18.83, up 2.17% from the previous day's close of $18.43. The stock opened at $18.76 and reached an intraday high of $21.05 before settling down. This surge in price was driven by Wells Fargo's decision to raise its price target for Keros from $11 to $28, reflecting increased confidence in the company's future prospects despite recent challenges. The trading volume was significantly higher than usual, at 5,147,469 shares, which is 835.80% of the average daily volume, indicating heightened investor interest.
The positive sentiment from Wells Fargo came amid ongoing developments in Keros' clinical trials, particularly the TROPOS trial for cibotercept, which faced a setback due to safety concerns leading to a voluntary halt in dosing for certain treatment arms. Despite this, Wells Fargo's analyst noted that the company's cash position and pipeline value exceed the current stock price, suggesting potential upside. This optimistic outlook helped counterbalance the negative impact of the trial halt and downgrades from other analysts, contributing to the stock's upward movement.