Korro Bio (NASDAQ:KRRO) Price Target Cut to $15.00 by Analysts at HC Wainwright

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

KRRO has been the topic of a number of other research reports. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Raymond James Financial upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 target price for the company in a research note on Friday, March 13th. JonesTrading raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Citigroup assumed coverage on shares of Korro Bio in a research report on Monday. They issued a “buy” rating and a $21.00 price objective for the company. Finally, Clear Str raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.71.

Korro Bio Price Performance

Shares of NASDAQ 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 has a market capitalization of $143.77 million, a price-to-earnings ratio of -0.85 and a beta of 3.07. The business has a 50-day moving average of $12.35 and a 200-day moving average of $12.26.

Korro Bio (NASDAQ:KRRO) last announced its 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%. Research analysts expect that Korro Bio will post -5.63 EPS for the current fiscal year.

Insider Transactions at Korro Bio

In related news, major shareholder Mohamad Makhzoumi acquired 207,100 shares of Korro Bio stock in a transaction on Tuesday, March 10th. The shares were purchased at an average cost of $11.11 per share, for a total transaction 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. The trade was a 18.99% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Forest Baskett acquired 207,100 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were bought at an average cost of $11.11 per share, with a total value of $2,300,881.00. Following the completion of the acquisition, the insider owned 1,297,893 shares in the company, valued at $14,419,591.23. This represents a 18.99% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 1,657,320 shares of company stock valued at $18,412,560 over the last ninety days. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Korro Bio

Hedge funds have recently bought and sold shares of the company. ADAR1 Capital Management LLC bought a new stake in Korro Bio in the first quarter valued at about $6,113,000. Quantinno Capital Management LP grew its position in shares of Korro Bio by 30.4% in the 1st quarter. Quantinno Capital Management LP now owns 35,978 shares of the company’s stock worth $407,000 after acquiring an additional 8,381 shares in the last quarter. Kalehua Capital Management LLC acquired a new position in shares of Korro Bio in the 1st quarter worth approximately $1,238,000. Affinity Asset Advisors LLC bought a new stake in shares of Korro Bio in the 1st quarter valued at approximately $8,002,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Korro Bio by 81.9% in 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 during the last quarter. 13.18% of the stock is currently 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.