Korro Bio, Inc. (NASDAQ:KRRO) Stock Has Average Target Price of $16.50 According to Brokerages

Shares of Korro Bio, Inc. (NASDAQ:KRRO) have been given an average recommendation of “Moderate Buy” by the twelve analysts that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, six have assigned a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $16.50.

Several brokerages recently weighed in on KRRO. Jefferies Financial Group set a $15.00 target price on Korro Bio in a research note on Tuesday, October 6th. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research note on Friday, October 2nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $15.00 price target on shares of Korro Bio in a research note on Tuesday, October 6th.

Korro Bio Price Performance

Shares of KRRO opened at $8.49 on Friday. The company has a 50 day moving average of $11.66 and a two-hundred day moving average of $12.13. Korro Bio has a twelve month low of $5.20 and a twelve month high of $50.45. The company has a market cap of $125.06 million, a price-to-earnings ratio of -0.85 and a beta of 3.13.

Korro Bio (NASDAQ:KRRO) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.27. On average, sell-side analysts expect that Korro Bio will post -4.95 EPS for the current year.

Insider Transactions at Korro Bio

In other news, SVP Oliver Dolan sold 7,347 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $13.51, for a total transaction of $99,257.97. Following the transaction, the senior vice president owned 16,252 shares in the company, valued at $219,564.52. This represents a 31.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jean Formela sold 28,468 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $14.00, for a total transaction of $398,552.00. Following the completion of the transaction, the director directly owned 141,053 shares of the company’s stock, valued at $1,974,742. The trade was a 16.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 38,269 shares of company stock worth $532,064. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of KRRO. BlackRock Inc. acquired a new stake in shares of Korro Bio during the second quarter worth $10,776,000. Kalehua Capital Management LLC purchased a new stake in shares of Korro Bio during the first quarter valued at $1,238,000. ADAR1 Capital Management LLC acquired a new position in shares of Korro Bio in the 2nd quarter valued at $7,118,000. Renaissance Technologies LLC increased its position 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 period. Finally, Nantahala Capital Management LLC acquired a new position in shares of Korro Bio in the 2nd quarter valued at $8,699,274. Institutional investors and hedge funds own 13.18% of the company’s stock.

Korro Bio Company Profile

Korro Bio, Inc is a biotechnology company developing RNA editing medicines for the treatment of genetic diseases. The company’s approach is designed to make targeted changes to messenger RNA (mRNA), potentially correcting disease-causing mutations without permanently altering a patient’s DNA.

Korro Bio’s technology platform, known as Oligonucleotide Promoted Editing of RNA, or OPERA, uses engineered oligonucleotides to guide naturally occurring cellular RNA-editing processes. The platform is intended to support the development of medicines for diseases involving the liver and other tissues.

The company’s lead clinical program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene.