Korro Bio (NASDAQ:KRRO) Stock Bumped Up to “Hold” by Wall Street Zen

Wall Street Zen upgraded shares of Korro Bio (NASDAQ:KRRO) from a sell rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also weighed in on KRRO. HC Wainwright reaffirmed a “buy” rating and set a $15.00 target price on shares of Korro Bio in a research report on Tuesday, October 6th. Jefferies Financial Group set a $15.00 price target on Korro Bio in a research report on Tuesday, October 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research report on Friday, October 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Korro Bio has an average rating of “Moderate Buy” and a consensus price target of $16.50.

Korro Bio Stock Performance

Korro Bio stock opened at $14.75 on Friday. The company has a 50 day moving average price of $11.62 and a 200-day moving average price of $12.06. Korro Bio has a fifty-two week low of $5.20 and a fifty-two week high of $36.79. The company has a market capitalization of $217.21 million, a PE ratio of -1.63 and a beta of 3.23.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.16. On average, analysts forecast that Korro Bio will post -4.92 earnings per share for the current year.

Insider Transactions at Korro Bio

In other Korro Bio news, major shareholder Lynx1 Capital Management Lp acquired 25,124 shares of Korro Bio stock in a transaction that occurred on Monday, October 26th. The stock was bought at an average price of $11.75 per share, with a total value of $295,207.00. Following the completion of the purchase, the insider directly owned 1,624,789 shares of the company’s stock, valued at approximately $19,091,270.75. This represents a 1.57% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jean Formela sold 28,468 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was 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. This trade represents a 16.79% decrease in their position. 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. In the last quarter, insiders acquired 81,271 shares of company stock valued at $904,203 and sold 38,269 shares valued at $532,064. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Korro Bio in the second quarter valued at approximately $10,776,000. Affinity Asset Advisors LLC purchased a new position in Korro Bio in the first quarter worth $8,002,000. Nantahala Capital Management LLC acquired a new position in shares of Korro Bio during the second quarter worth $8,699,274. ADAR1 Capital Management LLC acquired a new position in shares of Korro Bio during the second quarter worth $7,118,000. Finally, Kalehua Capital Management LLC acquired a new position in shares of Korro Bio during the first quarter worth $1,238,000. 13.18% of the stock is currently owned by hedge funds and other institutional investors.

Korro Bio Company Profile

Korro Bio, Inc is a clinical-stage biotechnology company developing RNA editing medicines for genetically driven diseases. The company’s approach is designed to make targeted changes to messenger RNA, potentially correcting or altering disease-related genetic instructions without permanently changing a patient’s DNA.

Korro Bio’s technology platform uses programmable oligonucleotides to guide RNA editing in specific cells and tissues. Its lead development program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene that can lead to liver and lung disease.