Korro Bio (NASDAQ:KRRO) Downgraded to “Market Perform” Rating by Raymond James Financial

Korro Bio (NASDAQ:KRRO) was downgraded by research analysts at Raymond James Financial from a “strong-buy” rating to a “market perform” rating in a note issued to investors on Thursday, Marketbeat Ratings reports.

Several other equities research analysts have also commented on the company. HC Wainwright restated a “neutral” rating on shares of Korro Bio in a research note on Thursday. William Blair downgraded Korro Bio from an “outperform” rating to a “market perform” rating in a research note on Thursday. Chardan Capital reaffirmed a “neutral” rating on shares of Korro Bio in a report on Thursday. Piper Sandler downgraded shares of Korro Bio from an “overweight” rating to a “neutral” rating and set a $11.00 price objective on the stock. in a research report on Thursday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $76.00.

Korro Bio Trading Down 80.0%

NASDAQ:KRRO traded down $25.14 during trading hours on Thursday, reaching $6.29. The company had a trading volume of 4,852,052 shares, compared to its average volume of 182,882. The firm has a market cap of $59.02 million, a price-to-earnings ratio of -0.64 and a beta of 2.94. The firm’s 50 day moving average price is $38.69 and its 200-day moving average price is $23.58. Korro Bio has a 52 week low of $6.20 and a 52 week high of $57.94.

Korro Bio (NASDAQ:KRRO) last posted its earnings results on Wednesday, November 12th. The company reported ($1.92) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.61) by $0.69. The firm had revenue of $1.09 million during the quarter, compared to the consensus estimate of $0.41 million. On average, analysts forecast that Korro Bio will post -9.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Korro Bio

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP bought a new position in shares of Korro Bio during the first quarter valued at approximately $35,000. Russell Investments Group Ltd. purchased a new position in Korro Bio in the 3rd quarter worth about $39,000. CWM LLC boosted its position in Korro Bio by 391.4% in the 3rd quarter. CWM LLC now owns 2,693 shares of the company’s stock valued at $129,000 after buying an additional 2,145 shares during the period. PNC Financial Services Group Inc. bought a new position in Korro Bio during the 3rd quarter worth about $140,000. Finally, AlphaQuest LLC lifted its holdings in Korro Bio by 320.1% during the first quarter. AlphaQuest LLC now owns 9,196 shares of the company’s stock worth $160,000 after buying an additional 7,007 shares during the period. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Korro Bio Company Profile

Korro Bio, Inc, a biopharmaceutical company, engages in the discovery, development, and commercialization of genetic medicines based on editing RNA for the treatment of rare and highly prevalent diseases primarily in the United States. Its lead product candidate is KRRO-110 which is in preclinical trials for the treatment of Alpha-1 Antitrypsin Deficiency (AATD).