Korro Bio (NASDAQ:KRRO) Issues Earnings Results

Korro Bio (NASDAQ:KRRO) announced its quarterly earnings results on Thursday. The company reported ($5.32) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $1.29 million during the quarter. Korro Bio had a negative return on equity of 68.87% and a negative net margin of 1,199.53%.

Korro Bio Stock Performance

Korro Bio stock traded down $0.26 during midday trading on Thursday, reaching $11.50. The stock had a trading volume of 92,041 shares, compared to its average volume of 231,338. The stock has a market capitalization of $108.33 million, a P/E ratio of -1.22 and a beta of 2.98. The firm’s fifty day simple moving average is $10.83 and its 200-day simple moving average is $20.29. Korro Bio has a 1-year low of $5.20 and a 1-year high of $55.89.

Hedge Funds Weigh In On Korro Bio

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. bought a new stake in shares of Korro Bio during the third quarter worth approximately $39,000. CWM LLC increased its stake in shares of Korro Bio by 391.4% during the third quarter. CWM LLC now owns 2,693 shares of the company’s stock worth $129,000 after purchasing an additional 2,145 shares during the period. Wells Fargo & Company MN increased its stake in shares of Korro Bio by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after purchasing an additional 2,352 shares during the period. PNC Financial Services Group Inc. acquired a new position in Korro Bio in the 3rd quarter valued at $140,000. Finally, Millennium Management LLC increased its position in Korro Bio by 1.8% during the 3rd quarter. Millennium Management LLC now owns 260,333 shares of the company’s stock worth $12,467,000 after buying an additional 4,650 shares during the period. 13.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

KRRO has been the subject of several research analyst reports. Royal Bank Of Canada lowered Korro Bio from an “outperform” rating to a “sector perform” rating in a research report on Thursday, November 13th. Cantor Fitzgerald downgraded shares of Korro Bio from an “overweight” rating to a “neutral” rating in a report on Thursday, November 13th. Raymond James Financial set a $18.00 price target on shares of Korro Bio in a research note on Wednesday, February 18th. Piper Sandler cut shares of Korro Bio from an “overweight” rating to a “neutral” rating and set a $11.00 price target for the company. in a report on Thursday, November 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Korro Bio presently has an average rating of “Hold” and an average price target of $50.38.

About Korro Bio

Korro Bio, Inc is a clinical-stage biotechnology company focused on harnessing advanced protein engineering and synthetic biology to develop novel enzyme therapies and live microbial therapeutics. The company’s proprietary platform integrates directed evolution, high-throughput screening and computational design to optimize biological catalysts for a wide range of applications. By combining machine learning with experimental biology, Korro Bio seeks to accelerate the discovery and development of next-generation treatments for rare genetic disorders and complex metabolic diseases.

The company’s pipeline features both engineered enzyme therapeutics and live biotherapeutics.