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

Korro Bio, Inc. (NASDAQ:KRRO) has been given a consensus rating of “Moderate Buy” by the twelve ratings firms that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, six have assigned a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $16.7143.

A number of research analysts have recently issued reports on the stock. JonesTrading raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research report on Monday, July 6th. Lifesci Capital upgraded shares of Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Finally, HC Wainwright reduced their price target on Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th.

Korro Bio Stock Down 1.7%

Shares of NASDAQ:KRRO opened at $13.27 on Wednesday. The business’s 50 day moving average is $12.27 and its 200 day moving average is $11.71. The stock has a market cap of $191.35 million, a P/E ratio of -1.14 and a beta of 3.00. Korro Bio has a 52-week low of $5.20 and a 52-week high of $55.89.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($1.69) EPS 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%. On average, sell-side analysts anticipate that Korro Bio will post -5.36 EPS for the current fiscal year.

Insider Activity at Korro Bio

In related news, insider Loic A. Vincent sold 3,418 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total value of $37,016.94. Following the completion of the transaction, the insider owned 18,297 shares in the company, valued at $198,156.51. This trade represents a 15.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jean Francois Formela sold 119,005 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $14.25, for a total value of $1,695,821.25. Following the completion of the transaction, the director owned 176,649 shares of the company’s stock, valued at approximately $2,517,248.25. The trade was a 40.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 306,026 shares of company stock worth $4,309,637. Corporate insiders own 4.80% of the company’s stock.

Institutional Trading of Korro Bio

Several hedge funds and other institutional investors have recently bought and sold shares of KRRO. JPMorgan Chase & Co. grew its stake in Korro Bio by 6,185.5% in 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. Renaissance Technologies LLC grew its stake in Korro Bio by 81.9% during the 1st quarter. Renaissance Technologies LLC now owns 136,227 shares of the company’s stock valued at $1,542,000 after acquiring an additional 61,327 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Korro Bio by 15.2% in the first quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock valued at $246,000 after purchasing an additional 2,875 shares in the last quarter. Guggenheim Capital LLC acquired a new stake in shares of Korro Bio in the 4th quarter worth $84,000. Finally, Jain Global LLC acquired a new stake in Korro Bio during the fourth quarter worth about $85,000. 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.