Korro Bio (NASDAQ:KRRO) Raised to Strong-Buy at Citigroup

Korro Bio (NASDAQ:KRRO) was upgraded by Citigroup to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other research firms have also commented on KRRO. HC Wainwright cut 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. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Raymond James Financial raised Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a research report on Friday, March 13th. Finally, Cantor Fitzgerald lifted their price target on Korro Bio from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Three research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.71.

Korro Bio Stock Down 8.3%

KRRO stock opened at $9.15 on Monday. The business has a 50 day moving average price of $12.31 and a 200 day moving average price of $12.05. The stock has a market cap of $131.87 million, a price-to-earnings ratio of -0.78 and a beta of 3.07. Korro Bio has a fifty-two week low of $5.20 and a fifty-two week high of $55.89.

Korro Bio (NASDAQ:KRRO) last posted its earnings results on Thursday, May 7th. The company reported ($1.69) earnings per share for the quarter, missing the consensus estimate of ($1.60) by ($0.09). Korro Bio had a negative return on equity of 117.86% and a negative net margin of 1,834.48%. As a group, sell-side analysts anticipate that Korro Bio will post -5.63 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Forest Baskett bought 207,100 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were acquired at an average price 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 approximately $14,419,591.23. This trade represents a 18.99% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Edward T. Mathers bought 207,100 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average cost of $11.11 per share, for a total transaction of $2,300,881.00. Following the acquisition, the insider owned 1,297,893 shares of the company’s stock, valued at approximately $14,419,591.23. This trade represents a 18.99% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 1,657,320 shares of company stock valued at $18,412,560. 4.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of KRRO. Affinity Asset Advisors LLC acquired a new position in shares of Korro Bio in the first quarter valued at approximately $8,002,000. Nantahala Capital Management LLC purchased a new stake in shares of Korro Bio in the fourth quarter valued at approximately $4,806,000. ADAR1 Capital Management LLC purchased a new stake in shares of Korro Bio in the first quarter valued at approximately $6,113,000. TCG Crossover Management LLC purchased a new stake in shares of Korro Bio in the third quarter valued at approximately $19,937,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Korro Bio by 6,185.5% in the third quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock valued at $9,542,000 after buying an additional 196,079 shares in 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.