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Entities associated with Pontifax Funds, including Pontifax (Israel) IV, L.P., Pontifax (Cayman) IV, L.P., Pontifax (China) IV, L.P. and Pontifax Late Stage Fund, L.P., sold a combined total of 4,784,631 shares of Keros Therapeutics, Inc. (NASDAQ:KROS) common stock on October 15, 2025. The sales were executed at a price of $17.75 per share, resulting in a total transaction value of $84,975,125. The transaction price represents a significant premium to the current market price of $13.83, with the stock having declined over 77% in the past year.
Specifically, Pontifax (Israel) IV, L.P. sold 2,284,612 shares. Pontifax (Cayman) IV, L.P. sold 1,121,045 shares. Pontifax (China) IV, L.P. sold 1,226,412 shares and Pontifax Late Stage Fund, L.P. disposed of 155,262 shares. Following these transactions, the entities no longer directly own shares of Keros Therapeutics.
Tomer Kariv and Ran Nussbaum, Managing Partners of Pontifax Management 4 G.P. (2015) Ltd., may be deemed to share voting and investment power with respect to the shares held by Israel IV, Cayman IV and China IV. They disclaim beneficial ownership of such shares except to the extent of their pecuniary interest.
In connection with a stock purchase agreement and their resignations from the Keros Therapeutics board, Tomer Kariv and Ran Nussbaum had the vesting of certain restricted stock unit awards and options accelerated. They each still indirectly own 5,250 shares. The company is scheduled to report its next earnings on October 30, 2025, which could provide important insights into its financial performance.
In other recent news, Keros Therapeutics has announced the repurchase of shares from ADAR1 Capital Management and Pontifax Venture Capital for approximately $181 million, as part of its $375 million capital return program. This transaction will be funded from existing cash reserves and is expected to close today. Additionally, Keros reported positive data from its Phase 1 trial of KER-065, a treatment candidate for Duchenne muscular dystrophy (DMD), at a recent medical conference. In a regulatory development, the FDA has granted Orphan Drug designation to KER-065, which is designed to enhance muscle regeneration and strength in DMD patients.
Meanwhile, ADAR1 Capital Management, holding a 13.3% stake in Keros, expressed disappointment over the company’s refusal to engage in strategy discussions. The investment firm had previously sought a meeting with Keros’ board, which was declined. In analyst news, H.C. Wainwright lowered its price target for Keros Therapeutics to $20, maintaining a Buy rating. This adjustment follows Keros’ strategic decision to focus on KER-065 for DMD, discontinuing other programs due to safety concerns and outlicensing efforts.
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