Wall Street Zen Upgrades Korro Bio (NASDAQ:KRRO) to “Sell”

Korro Bio (NASDAQ:KRRO) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued on Saturday.

Several other analysts have also issued reports on the company. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. HC Wainwright cut their price objective on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Citigroup started coverage on shares of Korro Bio in a research note on Monday, May 18th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research report on Monday, July 6th. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.71.

Korro Bio Stock Performance

Korro Bio stock opened at $13.25 on Friday. Korro Bio has a 52 week low of $5.20 and a 52 week high of $55.89. The stock has a market capitalization of $195.17 million, a P/E ratio of -1.32 and a beta of 3.04. The stock has a 50-day simple moving average of $12.19 and a 200 day simple moving average of $12.08.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.34) by $0.27. The business had revenue of $1.50 million during the quarter, compared to the consensus estimate of $0.21 million. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%. Research analysts forecast that Korro Bio will post -5.14 earnings per share for the current year.

Insider Activity at Korro Bio

In other Korro Bio news, Director Jean Francois Formela sold 9,323 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $13.96, for a total transaction of $130,149.08. Following the sale, the director owned 146,305 shares of the company’s stock, valued at approximately $2,042,417.80. The trade was a 5.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Loic A. Vincent sold 3,418 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total transaction of $37,016.94. Following the transaction, the insider owned 18,297 shares of the company’s stock, valued at $198,156.51. This trade represents a 15.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 306,026 shares of company stock worth $4,309,637. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Korro Bio

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in shares of 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 purchasing an additional 15,166 shares during the last quarter. Raymond James Financial Inc. raised its holdings in Korro Bio by 357.6% in the 2nd quarter. Raymond James Financial Inc. now owns 83,392 shares of the company’s stock valued at $1,042,000 after buying an additional 65,170 shares during the last quarter. Bank of America Corp DE boosted its position in Korro Bio by 520.0% during the 2nd quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock worth $352,000 after buying an additional 23,615 shares during the period. Vanguard Group Inc. grew its holdings in Korro Bio by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock worth $18,948,000 after acquiring an additional 8,921 shares during the last quarter. Finally, Blair William & Co. IL bought a new stake in Korro Bio during the 3rd quarter worth approximately $467,000. 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.