Balanced Hold on Keros as Rinvatercept Progress Offsets Execution and Timeline Risks

TD Cowen analyst Nicholas Lorusso has maintained their neutral stance on KROS stock, giving a Hold rating yesterday.

Nicholas Lorusso has given his Hold rating due to a combination of factors related to both clinical progress and risk. Keros is now fully centered on rinvatercept, which has shown encouraging Phase I results in healthy volunteers, including gains in lean mass, reductions in fat mass, and improvements in bone density, alongside initial signals on fibrosis and inflammation that support potential in DMD and ALS.

At the same time, the shift of the Phase II DMD trial start from Q1 to Q2 2026 and the early-stage nature of the ALS program extend timelines and keep execution risk elevated, even though cash resources are expected to last into the first half of 2028. The Takeda partnership for elritercept provides substantial upfront funding and potential milestones, but with that asset now externalized, the company’s valuation is more tightly linked to the derisking of rinvatercept, warranting a more balanced Hold stance rather than a more aggressive rating at this stage.

According to TipRanks, Lorusso is ranked #6340 out of 12075 analysts.

In another report released yesterday, TipRanks – OpenAI also reiterated a Hold rating on the stock with a $11.50 price target.