Korro Bio (NASDAQ:KRRO) Upgraded by Wall Street Zen to “Sell” Rating

Wall Street Zen upgraded shares of Korro Bio (NASDAQ:KRRO) from a strong sell rating to a sell rating in a report issued on Saturday.

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

Korro Bio Price Performance

KRRO stock opened at $13.25 on Friday. The stock has a market cap of $191.10 million, a price-to-earnings ratio of -1.32 and a beta of 3.04. The company has a 50 day simple moving average of $12.19 and a 200 day simple moving average of $12.06. Korro Bio has a 1 year low of $5.20 and a 1 year high of $55.89.

Korro Bio (NASDAQ:KRRO) last issued its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.27. The firm had revenue of $1.50 million for the quarter, compared to analyst estimates of $0.21 million. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 118.45%. On average, equities research analysts anticipate that Korro Bio will post -5.14 EPS for the current fiscal year.

Insider Buying and Selling at Korro Bio

In other Korro Bio news, insider Loic A. Vincent sold 3,418 shares of Korro Bio stock in a transaction dated 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 directly owned 18,297 shares of the company’s stock, valued at approximately $198,156.51. The trade was a 15.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ram Aiyar sold 15,152 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $12.98, for a total value of $196,672.96. Following the completion of the sale, the chief executive officer owned 74,848 shares in the company, valued at $971,527.04. This trade represents a 16.84% decrease in their position. 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. In the last ninety days, insiders sold 306,026 shares of company stock worth $4,309,637. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Korro Bio

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Korro Bio in the second quarter valued at approximately $10,776,000. Deutsche Bank AG bought a new position in Korro Bio during the 2nd quarter worth approximately $210,000. Bank of New York Mellon Corp acquired a new position in shares of Korro Bio in the 2nd quarter worth approximately $418,000. Walleye Capital LLC acquired a new position in shares of Korro Bio in the 2nd quarter worth approximately $716,000. Finally, ADAR1 Capital Management LLC bought a new stake in shares of Korro Bio in the 1st quarter valued at $6,113,000. 13.18% of the stock is currently owned by institutional investors.

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.