Opendoor Technologies OPEN shares slipped on Wednesday as the home-flipping platform's weaker-than- expected guidance and shift to an agent-led sales model deepened concerns over mounting losses and strategic direction despite a return to profitability last quarter. Keefe, Bruyette & Woods analyst Ryan Tomasello downgraded the stock from Market Perform to Underperform on Tuesday, maintaining a $1 price forecast. Tomasello cut his rating on Opendoor following the company's weak second-quarter results and ste ...

Core Viewpoint - ADAR1 Capital Management, the largest stockholder of Keros Therapeutics, expresses significant concerns regarding the company's capital allocation, strategic direction, and ongoing underperformance, leading to a decision to withhold votes for two directors at the upcoming Annual Meeting [1][4][11] Company Performance - Keros Therapeutics has shown alarming clinical results for its drug candidates KER-012 and KER-065, raising concerns about further investment in these programs and the potential risk to shareholder value [3][4] - The company has generated negative total stockholder returns across all relevant timeframes since its IPO, underperforming against proxy peers and market benchmarks [7][8] Financial Analysis - Keros' current market value does not reflect the estimated net present value of potential milestone payments from its partnership with Takeda, indicating that investors assign no value to the rest of Keros' pipeline [9] - The company holds over $720 million in cash as of March 31, 2025, which is viewed as excessive and unproductive given its current strategic direction [9][6] Recommendations - ADAR1 recommends restructuring the business, reducing headcount by at least 70%, returning excess cash to stockholders, and ensuring that stockholders benefit from the Takeda partnership through mechanisms like contingent value rights [14] - The firm believes that these initiatives could deliver between $24 and $35 per share in value for stockholders [9] Governance Concerns - ADAR1 has lost confidence in Keros' management and board, advocating for a board that will challenge management and act urgently to address the company's challenges [10][11] - The firm intends to vote for the inclusion of significant stockholders on the board to ensure alignment with long-term strategic decision-making [12]