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

Shares of Korro Bio, Inc. (NASDAQ:KRRO) have been assigned an average rating of “Moderate Buy” from the twelve analysts that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $16.7143.

Several brokerages have commented on KRRO. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Raymond James Financial raised Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Friday, March 13th. Cantor Fitzgerald upped their price objective on Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, March 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a report on Wednesday, April 8th.

Insider Activity

In other Korro Bio news, COO Todd Chappell sold 3,168 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $10.83, for a total value of $34,309.44. Following the completion of the sale, the chief operating officer owned 16,964 shares of the company’s stock, valued at approximately $183,720.12. This represents a 15.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ram Aiyar sold 15,152 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $12.98, for a total transaction of $196,672.96. Following the completion of the sale, the chief executive officer owned 74,848 shares in the company, valued at approximately $971,527.04. This trade represents a 16.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 306,026 shares of company stock valued at $4,309,637. Insiders own 4.80% of the company’s stock.

Institutional Trading of Korro Bio

Large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake in Korro Bio by 6,185.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock worth $9,542,000 after buying an additional 196,079 shares during the period. Jain Global LLC acquired a new position in Korro Bio in the fourth quarter valued at about $85,000. Guggenheim Capital LLC bought a new stake in shares of Korro Bio in the fourth quarter worth about $84,000. Wells Fargo & Company MN raised its position in shares of Korro Bio by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after purchasing an additional 2,352 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in shares of Korro Bio during the 3rd quarter valued at about $39,000. Institutional investors own 13.18% of the company’s stock.

Korro Bio Price Performance

KRRO opened at $14.49 on Wednesday. The company has a market cap of $208.95 million, a price-to-earnings ratio of -1.24 and a beta of 3.00. The firm has a 50 day simple moving average of $12.15 and a 200 day simple moving average of $11.50. Korro Bio has a fifty-two week low of $5.20 and a fifty-two week high of $55.89.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.09). Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 117.86%. As a group, analysts expect that Korro Bio will post -5.36 EPS 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.