Oppenheimer Cuts Korro Bio (NASDAQ:KRRO) Price Target to $90.00

Korro Bio (NASDAQ:KRRO) had its price target reduced by equities research analysts at Oppenheimer from $155.00 to $90.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock.

A number of other research analysts also recently weighed in on KRRO. Chardan Capital assumed coverage on Korro Bio in a research note on Wednesday, April 16th. They issued a “buy” rating and a $25.00 price target for the company. Royal Bank of Canada decreased their price target on Korro Bio from $105.00 to $95.00 and set an “outperform” rating for the company in a research note on Wednesday, March 19th. Cantor Fitzgerald upgraded Korro Bio to a “strong-buy” rating in a research note on Tuesday, April 29th. Finally, HC Wainwright decreased their price target on Korro Bio from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Korro Bio presently has an average rating of “Buy” and an average target price of $104.63.

Korro Bio Stock Performance

Shares of Korro Bio stock opened at $14.11 on Tuesday. The business’s 50 day simple moving average is $17.37 and its 200 day simple moving average is $33.46. Korro Bio has a 52-week low of $11.13 and a 52-week high of $98.00. The firm has a market cap of $132.51 million, a PE ratio of -1.49 and a beta of 2.66.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($2.49) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.60) by $0.11. The company had revenue of $2.55 million during the quarter, compared to the consensus estimate of $0.13 million. As a group, equities research analysts predict that Korro Bio will post -9.52 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Deep Track Capital LP boosted its stake in Korro Bio by 2.9% in the 4th quarter. Deep Track Capital LP now owns 874,614 shares of the company’s stock valued at $33,297,000 after purchasing an additional 24,614 shares during the period. Alliancebernstein L.P. bought a new stake in Korro Bio in the 4th quarter valued at $26,870,000. Driehaus Capital Management LLC boosted its stake in Korro Bio by 220.3% in the 4th quarter. Driehaus Capital Management LLC now owns 494,905 shares of the company’s stock valued at $18,841,000 after purchasing an additional 340,410 shares during the period. Point72 Asset Management L.P. boosted its stake in Korro Bio by 11.0% in the 4th quarter. Point72 Asset Management L.P. now owns 493,997 shares of the company’s stock valued at $18,806,000 after purchasing an additional 49,147 shares during the period. Finally, Tri Locum Partners LP boosted its stake in Korro Bio by 125.3% in the 4th quarter. Tri Locum Partners LP now owns 144,216 shares of the company’s stock valued at $5,490,000 after purchasing an additional 80,202 shares during the period. 13.18% of the stock is currently owned by institutional investors.

About Korro Bio

Korro Bio, Inc, a biopharmaceutical company, engages in the discovery, development, and commercialization of genetic medicines based on editing RNA for the treatment of rare and highly prevalent diseases primarily in the United States. Its lead product candidate is KRRO-110 which is in preclinical trials for the treatment of Alpha-1 Antitrypsin Deficiency (AATD).