Korro Bio (NASDAQ:KRRO) Stock Rating Lowered by Raymond James Financial

Korro Bio (NASDAQ:KRRO) was downgraded by stock analysts at Raymond James Financial from a “strong-buy” rating to a “market perform” rating in a research note issued to investors on Thursday, MarketBeat.com reports.

A number of other equities analysts have also recently issued reports on KRRO. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a report on Tuesday, October 14th. William Blair cut shares of Korro Bio from an “outperform” rating to a “market perform” rating in a research note on Thursday. Chardan Capital restated a “neutral” rating on shares of Korro Bio in a research note on Thursday. HC Wainwright restated a “neutral” rating on shares of Korro Bio in a research note on Thursday. Finally, Piper Sandler downgraded Korro Bio from an “overweight” rating to a “neutral” rating and set a $11.00 price target for the company. in a research note on Thursday. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Korro Bio presently has an average rating of “Hold” and an average price target of $76.00.

Korro Bio Stock Performance

KRRO traded down $25.14 on Thursday, reaching $6.29. The company had a trading volume of 4,852,052 shares, compared to its average volume of 182,882. The stock has a market cap of $59.02 million, a P/E ratio of -0.64 and a beta of 2.94. The company’s fifty day moving average is $38.69 and its 200 day moving average is $23.58. Korro Bio has a fifty-two week low of $6.20 and a fifty-two week high of $57.94.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Wednesday, November 12th. The company reported ($1.92) EPS for the quarter, topping the consensus estimate of ($2.61) by $0.69. The business had revenue of $1.09 million for the quarter, compared to the consensus estimate of $0.41 million. On average, sell-side analysts expect that Korro Bio will post -9.52 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC increased its position in shares of Korro Bio by 17.7% during the first quarter. Driehaus Capital Management LLC now owns 582,449 shares of the company’s stock valued at $10,140,000 after buying an additional 87,544 shares during the period. Vanguard Group Inc. grew its position in shares of Korro Bio by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock worth $18,948,000 after buying an additional 8,921 shares during the period. Cormorant Asset Management LP bought a new position in shares of Korro Bio in the 1st quarter worth about $6,621,000. JPMorgan Chase & Co. lifted its position in Korro Bio by 6,185.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock valued at $9,542,000 after acquiring an additional 196,079 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Korro Bio by 10.8% during the second quarter. Geode Capital Management LLC now owns 155,387 shares of the company’s stock worth $1,941,000 after acquiring an additional 15,166 shares in the last quarter. 13.18% of the stock is currently owned by hedge funds and other 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).