Korro Bio (NASDAQ:KRRO) Issues Earnings Results

Korro Bio (NASDAQ:KRRO) released its quarterly earnings results on Thursday. The company reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.29) by $0.22, FiscalAI reports. The firm had revenue of $1.50 million during the quarter, compared to analyst estimates of $0.21 million. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 118.45%.

Korro Bio Price Performance

Shares of NASDAQ:KRRO traded up $1.13 during mid-day trading on Friday, hitting $13.25. The company had a trading volume of 120,198 shares, compared to its average volume of 159,064. Korro Bio has a one year low of $5.20 and a one year high of $55.89. The firm has a fifty day moving average price of $12.19 and a 200 day moving average price of $12.06. The company has a market capitalization of $191.06 million, a PE ratio of -1.32 and a beta of 3.04.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on KRRO shares. Citigroup assumed coverage on shares of Korro Bio in a research note on Monday, May 18th. They issued a “buy” rating and a $21.00 price objective on the stock. Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday. JonesTrading upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research report on Monday, July 6th. Finally, HC Wainwright decreased their price target on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Korro Bio presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.71.

Insider Activity at Korro Bio

In other news, insider Loic A. Vincent sold 3,418 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.83, for a total transaction of $37,016.94. Following the transaction, the insider owned 18,297 shares in the company, valued at approximately $198,156.51. This represents a 15.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 the stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $14.25, for a total transaction of $1,695,821.25. Following the transaction, the director directly owned 176,649 shares in the company, valued at $2,517,248.25. This trade represents a 40.25% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 306,026 shares of company stock valued at $4,309,637 in the last ninety days. Insiders own 4.80% of the company’s stock.

Institutional Trading of Korro Bio

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

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.