Korro Bio (NASDAQ:KRRO) Releases Earnings Results, Beats Expectations By $0.04 EPS

Korro Bio (NASDAQ:KRRO) released its earnings results on Thursday. The company reported ($1.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.73) by $0.04, FiscalAI reports. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 128.21%.

Korro Bio Stock Performance

KRRO stock traded down $0.84 during trading on Friday, hitting $12.05. 242,259 shares of the stock traded hands, compared to its average volume of 81,897. Korro Bio has a 1 year low of $5.20 and a 1 year high of $55.89. The firm’s 50 day moving average is $12.42 and its two-hundred day moving average is $13.71.

Wall Street Analyst Weigh In

KRRO has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research report on Wednesday, April 8th. William Blair raised shares of Korro Bio from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 17th. Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday. Raymond James Financial raised shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a research report on Friday, March 13th. Finally, Chardan Capital raised shares of Korro Bio from a “neutral” rating to a “buy” rating and set a $15.00 target price on the stock in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Korro Bio has an average rating of “Moderate Buy” and an average price target of $37.29.

Insider Activity at Korro Bio

In other news, major shareholder Anthony A. Jr. Florence acquired 207,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were bought at an average cost of $11.11 per share, with a total value of $2,300,881.00. Following the transaction, the insider owned 1,297,893 shares of the company’s stock, valued at $14,419,591.23. This trade represents a 18.99% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Mohamad Makhzoumi acquired 207,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average cost of $11.11 per share, for a total transaction of $2,300,881.00. Following the completion of the transaction, the insider directly owned 1,297,893 shares in the company, valued at $14,419,591.23. The trade was a 18.99% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 1,657,320 shares of company stock worth $18,412,560 in the last ninety days. 4.60% of the stock is currently owned by company insiders.

Institutional Trading of Korro Bio

Several institutional investors have recently bought and sold shares of KRRO. Nantahala Capital Management LLC bought a new position in Korro Bio during the 4th quarter valued at about $4,806,000. TCG Crossover Management LLC bought a new position in shares of Korro Bio in the 3rd quarter worth approximately $19,937,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Korro Bio in the 3rd quarter worth approximately $4,319,000. Raymond James Financial Inc. increased its holdings in Korro Bio by 78.6% in the 3rd quarter. Raymond James Financial Inc. now owns 148,971 shares of the company’s stock worth $7,134,000 after acquiring an additional 65,579 shares in the last quarter. Finally, F m Investments LLC purchased a new stake in Korro Bio in the 3rd quarter worth approximately $2,646,000. 13.18% of the stock is owned by hedge funds and other institutional investors.

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.