Korro Bio, Inc. (NASDAQ:KRRO) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Korro Bio, Inc. (NASDAQ:KRRO) have been given a consensus rating of “Moderate Buy” by the twelve ratings firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $16.7143.

Several research firms have recently commented on KRRO. Lifesci Capital upgraded Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. HC Wainwright lowered their target price on Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research report on Monday, July 6th. Finally, Citigroup assumed coverage on Korro Bio in a research note on Monday, May 18th. They issued a “buy” rating and a $21.00 price objective on the stock.

Korro Bio Trading Up 9.3%

KRRO opened at $13.25 on Friday. The company’s 50 day moving average is $12.19 and its 200 day moving average is $12.06. The company has a market cap of $191.10 million, a price-to-earnings ratio of -1.32 and a beta of 3.04. Korro Bio has a 12-month low of $5.20 and a 12-month high of $55.89.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.27. The business had revenue of $1.50 million during the quarter, compared to analysts’ expectations of $0.21 million. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 118.45%. As a group, analysts predict that Korro Bio will post -5.14 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Loic A. Vincent sold 3,418 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $10.83, for a total value of $37,016.94. Following the completion of the sale, the insider directly owned 18,297 shares of the company’s stock, valued at approximately $198,156.51. This represents a 15.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $12.98, for a total transaction of $196,672.96. Following the sale, the chief executive officer owned 74,848 shares in the company, valued at approximately $971,527.04. The trade was a 16.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 306,026 shares of company stock valued at $4,309,637. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new position in Korro Bio in the 3rd quarter worth $39,000. Algert Global LLC purchased a new position in shares of Korro Bio in the third quarter valued at about $340,000. Wells Fargo & Company MN lifted its position in shares of Korro Bio by 45.5% in the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after acquiring an additional 2,352 shares in the last quarter. Alliancebernstein L.P. bought a new position in shares of Korro Bio in the third quarter worth about $369,000. Finally, Blair William & Co. IL bought a new position in shares of Korro Bio in the third quarter worth about $467,000. Hedge funds and other institutional investors 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.