Korro Bio (NASDAQ:KRRO) Issues Earnings Results, Beats Estimates By $0.28 EPS

Korro Bio (NASDAQ:KRRO) released its quarterly earnings results on Thursday. The company reported ($0.98) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.28, FiscalAI reports.

Korro Bio Stock Down 11.4%

KRRO traded down $1.89 on Thursday, hitting $14.73. 436,190 shares of the company traded hands, compared to its average volume of 195,677. The company has a 50 day moving average of $11.59 and a 200-day moving average of $12.02. The stock has a market capitalization of $216.91 million, a PE ratio of -1.47 and a beta of 3.23. Korro Bio has a 12-month low of $5.20 and a 12-month high of $36.79.

Insiders Place Their Bets

In other news, Director Jean Formela sold 28,468 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $14.00, for a total value of $398,552.00. Following the transaction, the director owned 141,053 shares of the company’s stock, valued at approximately $1,974,742. The trade was a 16.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Lynx1 Capital Management Lp purchased 25,124 shares of the business’s stock in a transaction dated Monday, October 26th. The shares were bought at an average price of $11.75 per share, with a total value of $295,207.00. Following the purchase, the insider directly owned 1,624,789 shares of the company’s stock, valued at approximately $19,091,270.75. The trade was a 1.57% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 81,271 shares of company stock valued at $904,203 and sold 38,269 shares valued at $532,064. 4.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on KRRO. Jefferies Financial Group set a $15.00 price objective on Korro Bio in a report on Tuesday, October 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research report on Friday, October 2nd. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, HC Wainwright reissued a “buy” rating and set a $15.00 price objective on shares of Korro Bio in a research report on Tuesday, October 6th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

About Korro Bio

Korro Bio, Inc is a clinical-stage biotechnology company developing RNA editing medicines for genetically driven diseases. The company’s approach is designed to make targeted changes to messenger RNA, potentially correcting or altering disease-related genetic instructions without permanently changing a patient’s DNA.

Korro Bio’s technology platform uses programmable oligonucleotides to guide RNA editing in specific cells and tissues. Its lead development program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene that can lead to liver and lung disease.