Korro Bio, Inc. (NASDAQ:KRRO) Given Consensus Rating of “Moderate Buy” by Brokerages

Korro Bio, Inc. (NASDAQ:KRRO) has been assigned an average rating of “Moderate Buy” from the twelve brokerages that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, six have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $16.7143.

A number of brokerages have recently commented on KRRO. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. HC Wainwright lowered 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, May 19th. Finally, Citigroup began coverage on shares of Korro Bio in a report on Monday, May 18th. They issued a “buy” rating and a $21.00 target price on the stock.

Korro Bio Stock Up 5.4%

Shares of Korro Bio stock opened at $12.12 on Friday. Korro Bio has a 12 month low of $5.20 and a 12 month high of $55.89. The business has a fifty day simple moving average of $12.20 and a 200 day simple moving average of $12.05. The stock has a market cap of $174.77 million, a PE ratio of -1.04 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO) last released its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, beating the consensus estimate of ($1.34) by $0.27. Korro Bio had a negative return on equity of 117.86% and a negative net margin of 1,834.48%.The firm had revenue of $1.50 million for the quarter, compared to analyst estimates of $0.21 million. Analysts expect that Korro Bio will post -5.36 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ram Aiyar sold 15,152 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $12.98, for a total transaction of $196,672.96. Following the sale, the chief executive officer owned 74,848 shares of the company’s stock, valued at $971,527.04. This trade represents a 16.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jean Francois Formela sold 119,005 shares of Korro Bio stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $14.25, for a total value of $1,695,821.25. Following the transaction, the director owned 176,649 shares in the company, valued at $2,517,248.25. This trade represents a 40.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 306,026 shares of company stock worth $4,309,637 over the last quarter. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Korro Bio

Hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. acquired a new position in Korro Bio during the third quarter worth $39,000. Algert Global LLC acquired a new stake in Korro Bio in the third quarter valued at $340,000. Wells Fargo & Company MN grew its position in shares of Korro Bio by 45.5% in the 4th quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after acquiring an additional 2,352 shares during the period. Alliancebernstein L.P. bought a new position in shares of Korro Bio in the 3rd quarter valued at about $369,000. Finally, Blair William & Co. IL acquired a new position in shares of Korro Bio during the 3rd quarter worth about $467,000. 13.18% of the stock is owned by 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.