Korro Bio, Inc. (NASDAQ:KRRO) Given Average Rating of “Moderate Buy” by Brokerages

Korro Bio, Inc. (NASDAQ:KRRO) has earned an average recommendation of “Moderate Buy” from the eleven research firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, six have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $16.7143.

KRRO has been the topic of a number of research reports. Clear Str raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. William Blair raised shares of Korro Bio from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 17th. Citigroup initiated coverage on shares of Korro Bio in a research note on Monday, May 18th. They issued a “buy” rating and a $21.00 target price on the stock. Cantor Fitzgerald raised their target price on shares of Korro Bio from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, March 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research note on Wednesday, April 8th.

Korro Bio Trading Up 3.7%

Shares of Korro Bio stock opened at $11.61 on Tuesday. The firm has a market capitalization of $167.42 million, a PE ratio of -0.99 and a beta of 3.07. Korro Bio has a twelve month low of $5.20 and a twelve month high of $55.89. The firm’s 50-day moving average price is $12.26 and its 200 day moving average price is $11.66.

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 analysts’ consensus estimates 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%. On average, sell-side analysts predict that Korro Bio will post -5.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other Korro Bio news, major shareholder Forest Baskett bought 207,100 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were acquired at an average cost of $11.11 per share, with a total value of $2,300,881.00. Following the purchase, the insider directly owned 1,297,893 shares of the company’s stock, valued at $14,419,591.23. This trade represents a 18.99% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Paul Edward Walker bought 207,100 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was acquired at an average cost of $11.11 per share, for a total transaction of $2,300,881.00. Following the completion of the purchase, the insider directly owned 1,297,893 shares in the company, valued at approximately $14,419,591.23. This represents a 18.99% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders bought 1,657,320 shares of company stock worth $18,412,560. 4.80% of the stock is currently owned by insiders.

Institutional Trading of Korro Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in KRRO. Affinity Asset Advisors LLC acquired a new stake in shares of Korro Bio during the 1st quarter worth approximately $8,002,000. Nantahala Capital Management LLC acquired a new stake in shares of Korro Bio during the 4th quarter worth approximately $4,806,000. ADAR1 Capital Management LLC acquired a new stake in shares of Korro Bio during the 1st quarter worth approximately $6,113,000. TCG Crossover Management LLC acquired a new stake in shares of Korro Bio during the 3rd quarter worth approximately $19,937,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Korro Bio by 6,185.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock worth $9,542,000 after buying an additional 196,079 shares during the last quarter. Institutional investors and hedge funds own 13.18% of the company’s stock.

About Korro Bio

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.