Korro Bio’s (KRRO) “Buy” Rating Reiterated at HC Wainwright

Korro Bio (NASDAQ:KRRO)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a report released on Thursday,Benzinga reports. They presently have a $15.00 price objective on the stock. HC Wainwright’s price target would suggest a potential upside of 7.53% from the company’s previous close.

Other research analysts also recently issued reports about the stock. JonesTrading upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Citigroup initiated coverage on shares of Korro Bio in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 price target for the company. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research note on Monday, July 6th. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $16.71.

Korro Bio Stock Up 5.5%

KRRO stock opened at $13.95 on Thursday. Korro Bio has a twelve month low of $5.20 and a twelve month high of $55.89. The company has a market cap of $205.48 million, a P/E ratio of -1.40 and a beta of 3.04. The business has a fifty day moving average of $12.55 and a 200-day moving average of $12.23.

Korro Bio (NASDAQ:KRRO) last posted 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. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%. As a group, equities research analysts anticipate that Korro Bio will post -4.97 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Lynx1 Capital Management Lp acquired 5,222 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average price of $11.40 per share, for a total transaction of $59,530.80. Following the completion of the acquisition, the insider owned 1,543,518 shares in the company, valued at $17,596,105.20. This trade represents a 0.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ram Aiyar sold 15,152 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $12.98, for a total transaction of $196,672.96. Following the completion of the sale, the chief executive officer directly owned 74,848 shares of the company’s stock, valued at $971,527.04. The trade was 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 90 days, insiders have sold 308,169 shares of company stock valued at $4,339,553. 4.80% of the stock is currently owned by company insiders.

Institutional Trading of Korro Bio

A number of large investors have recently made changes to their positions in KRRO. BlackRock Inc. acquired a new stake in Korro Bio during the 2nd quarter worth $10,776,000. Affinity Asset Advisors LLC acquired a new position in Korro Bio in the first quarter valued at about $8,002,000. Nantahala Capital Management LLC acquired a new position in Korro Bio in the second quarter valued at about $8,699,274,000. ADAR1 Capital Management LLC bought a new stake in shares of Korro Bio in the second quarter worth about $7,118,000. Finally, TCG Crossover Management LLC bought a new stake in shares of Korro Bio in the third quarter worth about $19,937,000. Institutional investors own 13.18% of the company’s stock.

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.