Keros Therapeutics, Inc. (KROS) saw a significant decline in its stock price on December 17, 2024, closing at $18.00, down 7.31% from the previous day's close of $19.42. The stock opened at $19.33 and reached a high of $19.40 before dropping to a low of $17.80. The trading volume was notably high at 2,211,186 shares, over three times the average daily volume, indicating heightened investor activity. The sharp decline was primarily driven by the company's decision to halt higher doses in a lung disease study due to side effects, raising concerns about the impact on its drug pipeline and future prospects.
Additionally, the stock was further pressured by Oppenheimer's decision to lower its price target from $102.00 to $63.00, despite maintaining an "outperform" rating. This downgrade, coupled with a recent downgrade from Guggenheim from "buy" to "neutral," added to the negative sentiment. The combination of these factors led to a significant sell-off, as investors reacted to the potential implications for Keros' growth trajectory.