Korro Bio (NASDAQ:KRRO) Upgraded to “Strong-Buy” at Citigroup

Korro Bio (NASDAQ:KRRO) was upgraded by equities research analysts at Citigroup to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

KRRO has been the subject of a number of other research reports. William Blair raised shares of Korro Bio from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 17th. Chardan Capital raised shares of Korro Bio from a “neutral” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Thursday, January 29th. Cantor Fitzgerald lifted their target price on shares of Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. HC Wainwright decreased their target price on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Clear Str raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Korro Bio presently has an average rating of “Moderate Buy” and an average target price of $16.71.

Korro Bio Stock Performance

Korro Bio stock opened at $9.15 on Monday. The company has a 50 day moving average price of $12.31 and a 200 day moving average price of $12.05. Korro Bio has a 52 week low of $5.20 and a 52 week high of $55.89. The firm has a market capitalization of $131.87 million, a price-to-earnings ratio of -0.78 and a beta of 3.07.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($1.69) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.09). Korro Bio had a negative return on equity of 117.86% and a negative net margin of 1,834.48%. Equities analysts forecast that Korro Bio will post -5.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Korro Bio

In other Korro Bio news, major shareholder Forest Baskett purchased 207,100 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were acquired at an average price of $11.11 per share, for a total transaction of $2,300,881.00. Following the acquisition, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Mohamad Makhzoumi purchased 207,100 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were acquired at an average price of $11.11 per share, for a total transaction of $2,300,881.00. Following the acquisition, the insider directly owned 1,297,893 shares in the company, valued at $14,419,591.23. This represents a 18.99% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 1,657,320 shares of company stock worth $18,412,560 in the last ninety days. Company insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of KRRO. Russell Investments Group Ltd. bought a new position in shares of Korro Bio during the 3rd quarter valued at $39,000. Wells Fargo & Company MN raised its holdings in shares of Korro Bio by 45.5% during the 4th quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after purchasing an additional 2,352 shares in the last quarter. Guggenheim Capital LLC bought a new position in shares of Korro Bio during the 4th quarter valued at $84,000. Jain Global LLC bought a new position in shares of Korro Bio during the 4th quarter valued at $85,000. Finally, Deutsche Bank AG raised its holdings in shares of Korro Bio by 241.9% during the 4th quarter. Deutsche Bank AG now owns 12,758 shares of the company’s stock valued at $102,000 after purchasing an additional 9,027 shares in the last quarter. Institutional investors own 13.18% of the company’s stock.

Korro Bio Company Profile

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.