HC Wainwright Has Lowered Expectations for Korro Bio (NASDAQ:KRRO) Stock Price

Korro Bio (NASDAQ:KRRO) had its target price dropped by analysts at HC Wainwright from $20.00 to $15.00 in a report issued on Tuesday, Marketbeat reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 50.45% from the stock’s current price.

A number of other brokerages also recently commented on KRRO. Clear Str raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. Raymond James Financial raised Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a research note on Friday, March 13th. Cantor Fitzgerald lifted their price target on Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, March 13th. Chardan Capital raised shares of Korro Bio from a “neutral” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Thursday, January 29th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a report on Wednesday, April 8th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $16.71.

Korro Bio Stock Performance

Shares of KRRO opened at $9.97 on Tuesday. Korro Bio has a 1 year low of $5.20 and a 1 year high of $55.89. The company’s 50 day simple moving average is $12.35 and its 200 day simple moving average is $12.26. The company has a market capitalization of $143.77 million, a price-to-earnings ratio of -0.85 and a beta of 3.07.

Korro Bio (NASDAQ:KRRO) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.69) earnings per share for the quarter, missing the consensus estimate of ($1.60) by ($0.09). Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 117.86%. Equities analysts expect that Korro Bio will post -5.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Edward T. Mathers purchased 207,100 shares of the stock in a transaction on Tuesday, March 10th. The stock was purchased at an average price of $11.11 per share, with a total value of $2,300,881.00. Following the completion of the transaction, the insider owned 1,297,893 shares in the company, valued at approximately $14,419,591.23. The trade was a 18.99% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Paul Edward Walker purchased 207,100 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were purchased at an average price of $11.11 per share, with a total value of $2,300,881.00. Following the completion of the purchase, the insider directly owned 1,297,893 shares of the company’s stock, valued at $14,419,591.23. The trade was a 18.99% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 1,657,320 shares of company stock worth $18,412,560. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Korro Bio

Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. acquired a new stake in Korro Bio during the 3rd quarter worth approximately $39,000. Wells Fargo & Company MN lifted its position in Korro Bio by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after buying an additional 2,352 shares in the last quarter. Guggenheim Capital LLC purchased a new stake in Korro Bio during the fourth quarter worth approximately $84,000. Jain Global LLC purchased a new stake in Korro Bio during the fourth quarter worth approximately $85,000. Finally, Deutsche Bank AG increased its position in shares of Korro Bio by 241.9% in the fourth quarter. Deutsche Bank AG now owns 12,758 shares of the company’s stock worth $102,000 after acquiring an additional 9,027 shares in the last quarter. 13.18% of the stock is owned by institutional investors and hedge funds.

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.