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A downtrend has been apparent in Kronos Bio, Inc. (KRON) lately with too much selling pressure. The stock has declined 5.5% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.
Guide to Identifying Oversold Stocks
We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.
RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.
Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.
So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefitting from the inevitable rebound.
However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.
Why a Trend Reversal is Due for KRON
The heavy selling of KRON shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 23.37. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.
This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering KRON in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 13.9% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.
Moreover, KRON currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Zacks Investment Research
SAN MATEO, Calif., and CAMBRIDGE, Mass., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Kronos Bio, Inc. (Nasdaq: KRON), a company dedicated to developing small molecule therapeutics that address cancers and other diseases driven by deregulated transcription, today announced the following upcoming conferences:
A live audio webcast of the H.C. Wainwright presentation will be available under the Investors & Media section of the Kronos Bio website at www.kronosbio.com. A replay of the webcast will be available for 30 days following the event. The posters from the medical meetings will be available under the Science & Pipeline section of the Kronos Bio website.
About Kronos BioKronos Bio, Inc. (Nasdaq: KRON) is a clinical-stage company dedicated to developing small molecule therapeutics that address deregulated transcription, a hallmark of cancer and other diseases. Our proprietary discovery engine decodes complex transcription factor regulatory networks to identify druggable cofactors. We screen for and optimize small molecules that target these cofactors in a tumor-specific context. These efforts have yielded a preclinical pipeline along with two internally developed drug candidates. Istisociclib (KB-0742) targets CDK9 to address MYC deregulation in solid tumors and KB-9558 targets p300 to address IRF4 dependence in multiple myeloma.
Kronos Bio is based in San Mateo, Calif., and has a research facility in Cambridge, Mass. For more information, visit https://www.kronosbio.com or follow the Company on LinkedIn.
Contact Information: Investors: Margaux Bennett Vice President, Corporate Development and Investor Relations, Kronos Bio, Inc. 650-781-5026 mbennett@kronosbio.com Media: Kelli Perkins kelli@redhousecomms.com
Kronos Bio, Inc. has been on a downward spiral lately with significant selling pressure. After declining 23.5% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.
How to Determine if a Stock is Oversold
We use Relative Strength Index , one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.
RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.
Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.
So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefitting from the inevitable rebound.
However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.
Why KRON Could Bounce Back Before Long
The heavy selling of KRON shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 28.81. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.
This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering KRON in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 18.3% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.
Moreover, KRON currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Zacks Investment Research
Kronos Bio just reported results for the second quarter of 2024.
InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.
More from InvestorPlace
Kronos Bio Inc KRON.OQ reported a quarterly adjusted loss of 27 cents per share for the quarter ended in June, higher than the same quarter last year, when the company reported EPS of -52 cents. The mean expectation of four analysts for the quarter was for a loss of 34 cents per share. Wall Street expected results to range from -40 cents to -25 cents per share.
Revenue rose 44.2% to $2.69 million from a year ago; analysts expected $1.53 million.
Kronos Bio Inc's reported EPS for the quarter was a loss of 27 cents.
The company reported a quarterly loss of $16.2 million.
Kronos Bio Inc shares had fallen by 10.5% this quarter and lost 11.2% so far this year.
FORECAST CHANGES
The mean earnings estimate of analysts had risen by about 12.9% in the last three months.
In the last 30 days, there have been no negative revisions of earnings estimates
RECOMMENDATIONS
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy," no "hold" and no "sell" or "strong sell."
The average consensus recommendation for the biotechnology & medical research peer group is also "buy"
Wall Street's median 12-month price target for Kronos Bio Inc is $4.13
This summary was machine generated from LSEG data August 9 at 02:50 a.m. UTC. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)
QUARTER ENDING | ESTIMATE | ACTUAL | BEAT, MET, MISSED |
Jun. 30 2024 | -0.34 | -0.27 | Beat |
Mar. 31 2024 | -0.42 | -0.29 | Beat |
Dec. 31 2023 | -0.52 | -0.34 | Beat |
Sep. 30 2023 | -0.51 | -0.54 | Missed |
Keywords: KRONOS BIO-RESULTS/SUMMARY
10x Genomics came out with a quarterly loss of $0.32 per share versus the Zacks Consensus Estimate of a loss of $0.47. This compares to loss of $0.53 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 31.91%. A quarter ago, it was expected that this life science technology company would post a loss of $0.46 per share when it actually produced a loss of $0.50, delivering a surprise of -8.70%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
10x Genomics, which belongs to the Zacks Medical Info Systems industry, posted revenues of $153.1 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.46%. This compares to year-ago revenues of $146.82 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
10x Genomics shares have lost about 67.6% since the beginning of the year versus the S&P 500's gain of 9%.
What's Next for 10x Genomics?
While 10x Genomics has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for 10x Genomics: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.34 on $173.7 million in revenues for the coming quarter and -$1.53 on $668.07 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Info Systems is currently in the top 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the broader Zacks Medical sector, Kronos Bio, Inc. , has yet to report results for the quarter ended June 2024.
This company is expected to post quarterly loss of $0.32 per share in its upcoming report, which represents a year-over-year change of +38.5%. The consensus EPS estimate for the quarter has been revised 15.9% higher over the last 30 days to the current level.
Kronos Bio, Inc.'s revenues are expected to be $1.75 million, down 5.9% from the year-ago quarter.
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