Korro Bio, Inc. (NASDAQ:KRRO) Given Average Recommendation of “Moderate Buy” by Analysts

Korro Bio, Inc. (NASDAQ:KRRO) has been assigned an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $37.2857.

Several research firms recently weighed in on KRRO. Cantor Fitzgerald raised their price objective on Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a report on Friday, January 9th. Clear Str upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Chardan Capital raised shares of Korro Bio from a “neutral” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Thursday, January 29th. Finally, Wall Street Zen cut shares of Korro Bio from a “hold” rating to a “sell” rating in a research report on Saturday, December 13th.

Insider Activity at Korro Bio

In other news, major shareholder Forest Baskett purchased 207,100 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average cost of $11.11 per share, for a total transaction of $2,300,881.00. Following the purchase, the insider owned 1,297,893 shares of the company’s stock, valued at approximately $14,419,591.23. The trade was a 18.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Edward T. Mathers acquired 207,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average cost of $11.11 per share, for a total transaction of $2,300,881.00. Following the acquisition, the insider owned 1,297,893 shares in the company, valued at $14,419,591.23. This represents a 18.99% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 1,656,800 shares of company stock valued at $18,407,048. 4.60% of the stock is owned by company insiders.

Institutional Trading of Korro Bio

A number of hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. bought a new stake in shares of Korro Bio during the third quarter worth about $39,000. Wells Fargo & Company MN raised its holdings in Korro Bio by 45.5% in the 4th quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after buying an additional 2,352 shares during the last quarter. Guggenheim Capital LLC bought a new position in Korro Bio in the 4th quarter valued at approximately $84,000. Jain Global LLC acquired a new stake in Korro Bio during the 4th quarter worth approximately $85,000. Finally, Deutsche Bank AG boosted its position in Korro Bio by 241.9% during the 4th quarter. Deutsche Bank AG now owns 12,758 shares of the company’s stock worth $102,000 after buying an additional 9,027 shares during the period. 13.18% of the stock is owned by institutional investors and hedge funds.

Korro Bio Price Performance

NASDAQ KRRO opened at $10.40 on Monday. The business has a fifty day moving average price of $11.48 and a two-hundred day moving average price of $18.96. Korro Bio has a fifty-two week low of $5.20 and a fifty-two week high of $55.89. The stock has a market capitalization of $150.00 million, a PE ratio of -0.83 and a beta of 2.98.

Korro Bio (NASDAQ:KRRO) last issued its earnings results on Thursday, March 12th. The company reported ($5.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.93) by ($3.39). Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 115.95%. The business had revenue of $1.29 million during the quarter, compared to analyst estimates of $0.43 million. As a group, sell-side analysts expect that Korro Bio will post -9.52 earnings per share for the current year.

About Korro Bio

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.