Korro Bio (NASDAQ:KRRO) Downgraded to “Neutral” Rating by Cantor Fitzgerald

Cantor Fitzgerald cut shares of Korro Bio (NASDAQ:KRRO) from an overweight rating to a neutral rating in a research note issued to investors on Thursday morning, MarketBeat.com reports.

A number of other analysts have also recently weighed in on the company. William Blair cut Korro Bio from an “outperform” rating to a “market perform” rating in a research report on Thursday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a report on Tuesday, October 14th. Raymond James Financial lowered shares of Korro Bio from a “strong-buy” rating to a “market perform” rating in a research report on Thursday. HC Wainwright reissued a “neutral” rating on shares of Korro Bio in a research note on Thursday. Finally, Chardan Capital restated a “neutral” rating on shares of Korro Bio in a research note on Thursday. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $76.00.

Korro Bio Stock Performance

Korro Bio stock traded down $0.43 during midday trading on Thursday, hitting $6.07. 2,041,909 shares of the company’s stock were exchanged, compared to its average volume of 749,800. Korro Bio has a 12-month low of $5.70 and a 12-month high of $56.69. The stock has a market cap of $57.18 million, a price-to-earnings ratio of -0.65 and a beta of 2.94. The firm’s 50 day simple moving average is $37.71 and its 200 day simple moving average is $23.38.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Wednesday, November 12th. The company reported ($1.92) earnings per share for the quarter, topping the consensus estimate of ($2.61) by $0.69. Korro Bio had a negative net margin of 1,199.53% and a negative return on equity of 68.87%. The business had revenue of $1.09 million during the quarter, compared to the consensus estimate of $0.41 million. On average, equities research analysts forecast that Korro Bio will post -9.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Korro Bio

Several hedge funds have recently added to or reduced their stakes in KRRO. Quarry LP purchased a new stake in shares of Korro Bio in the first quarter valued at about $35,000. Russell Investments Group Ltd. acquired a new position in shares of Korro Bio during the 3rd quarter worth approximately $39,000. CWM LLC lifted its stake 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 in the last quarter. PNC Financial Services Group Inc. acquired a new stake in Korro Bio during the 3rd quarter valued at $140,000. Finally, AlphaQuest LLC increased its position 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 in the last quarter. 13.18% of the stock is currently owned by hedge funds and other institutional investors.

About Korro Bio

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).