Korro Bio (NASDAQ:KRRO) Announces Earnings Results

Korro Bio (NASDAQ:KRRO) announced its quarterly earnings data on Thursday. The company reported ($0.98) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.26) by $0.28, FiscalAI reports.

Korro Bio Trading Down 11.4%

Shares of NASDAQ:KRRO traded down $1.89 on Thursday, hitting $14.73. 436,190 shares of the company’s stock were exchanged, compared to its average volume of 232,084. Korro Bio has a 1-year low of $5.20 and a 1-year high of $36.79. The firm’s 50-day moving average is $11.59 and its 200 day moving average is $12.02.

Insider Transactions at Korro Bio

In other news, SVP Oliver Dolan sold 7,347 shares of the firm’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $13.51, for a total transaction of $99,257.97. Following the sale, the senior vice president owned 16,252 shares of the company’s stock, valued at approximately $219,564.52. This trade represents a 31.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Lynx1 Capital Management Lp bought 25,124 shares of the firm’s stock in a transaction that occurred on Monday, October 26th. The shares were acquired at an average price of $11.75 per share, with a total value of $295,207.00. Following the purchase, the insider owned 1,624,789 shares of the company’s stock, valued at $19,091,270.75. The trade was a 1.57% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 81,271 shares of company stock valued at $904,203 and have sold 38,269 shares valued at $532,064. Corporate insiders own 4.80% of the company’s stock.

Analyst Upgrades and Downgrades

KRRO has been the topic of several analyst reports. Jefferies Financial Group set a $15.00 target price on shares of Korro Bio in a report on Tuesday, October 6th. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. HC Wainwright reissued a “buy” rating and issued a $15.00 price objective on shares of Korro Bio in a research report on Tuesday, October 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a report on Friday, October 2nd. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.50.

Korro Bio Company Profile

Korro Bio, Inc is a clinical-stage biotechnology company developing RNA editing medicines for genetically driven diseases. The company’s approach is designed to make targeted changes to messenger RNA, potentially correcting or altering disease-related genetic instructions without permanently changing a patient’s DNA.

Korro Bio’s technology platform uses programmable oligonucleotides to guide RNA editing in specific cells and tissues. Its lead development program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene that can lead to liver and lung disease.