Analysts Set Korro Bio, Inc. (NASDAQ:KRRO) Target Price at $37.29

Shares of Korro Bio, Inc. (NASDAQ:KRRO) have earned a consensus rating of “Moderate Buy” from the eleven research firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $37.2857.

KRRO has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Korro Bio from a “hold” rating to a “sell” rating in a report on Saturday, December 13th. Chardan Capital raised Korro Bio from a “neutral” rating to a “buy” rating and set a $15.00 target price on the stock in a research report on Thursday, January 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research note on Friday, January 9th. Cantor Fitzgerald increased their price target on Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, March 13th. Finally, Raymond James Financial upgraded 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.

Insider Activity at Korro Bio

In related news, major shareholder Forest Baskett purchased 207,100 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was acquired at an average price of $11.11 per share, for a total transaction of $2,300,881.00. Following the completion of the purchase, the insider owned 1,297,893 shares in the company, valued at approximately $14,419,591.23. This represents a 18.99% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Edward T. Mathers purchased 207,100 shares of the business’s stock in a transaction that occurred on 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 completion of the acquisition, the insider directly owned 1,297,893 shares of the company’s stock, valued at $14,419,591.23. This represents a 18.99% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 1,657,320 shares of company stock worth $18,412,560. 4.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Korro Bio

Large investors have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new position in Korro Bio in the third quarter worth about $39,000. CWM LLC raised its stake in Korro Bio by 391.4% during the third 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. bought a new position in Korro Bio during the 3rd quarter worth approximately $140,000. Wealth Forward LLC bought a new position in Korro Bio during the 3rd quarter worth approximately $240,000. Finally, Algert Global LLC acquired a new position in shares of Korro Bio in the 3rd quarter worth approximately $340,000. Institutional investors own 13.18% of the company’s stock.

Korro Bio Stock Performance

Shares of NASDAQ KRRO opened at $14.00 on Monday. The stock has a fifty day moving average price of $11.76 and a 200 day moving average price of $18.29. Korro Bio has a 12-month low of $5.20 and a 12-month high of $55.89. The company has a market cap of $201.88 million, a P/E ratio of -1.12 and a beta of 3.20.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings data on Thursday, March 12th. The company reported ($5.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.93) by ($3.39). The firm had revenue of $1.29 million for the quarter, compared to analysts’ expectations of $0.43 million. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 115.95%. On average, sell-side analysts forecast that Korro Bio will post -9.52 EPS for the current fiscal year.

Korro Bio Company Profile

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.