Korro Bio, Inc. (NASDAQ:KRRO) Given Consensus Rating of “Moderate Buy” by Brokerages

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

KRRO has been the topic of a number of research analyst reports. JonesTrading raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research note on Wednesday, April 8th. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Raymond James Financial raised shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a research note on Friday, March 13th. Finally, Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th.

Insider Buying and Selling at Korro Bio

In other Korro Bio news, insider Loic A. Vincent sold 3,418 shares of Korro Bio stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $10.83, for a total transaction of $37,016.94. Following the sale, the insider owned 18,297 shares of the company’s stock, valued at $198,156.51. The trade was a 15.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Todd Chappell sold 3,168 shares of Korro Bio stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total transaction of $34,309.44. Following the sale, the chief operating officer directly owned 16,964 shares in the company, valued at approximately $183,720.12. This trade represents a 15.74% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 24,598 shares of company stock worth $307,896. Company insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Korro Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. ADAR1 Capital Management LLC acquired a new stake in Korro Bio during the 1st quarter worth $6,113,000. Quantinno Capital Management LP boosted its stake in Korro Bio by 30.4% during the 1st quarter. Quantinno Capital Management LP now owns 35,978 shares of the company’s stock worth $407,000 after purchasing an additional 8,381 shares during the last quarter. Kalehua Capital Management LLC acquired a new stake in Korro Bio during the 1st quarter worth $1,238,000. Affinity Asset Advisors LLC acquired a new stake in Korro Bio during the 1st quarter worth $8,002,000. Finally, Renaissance Technologies LLC boosted its stake in Korro Bio by 81.9% during the 1st quarter. Renaissance Technologies LLC now owns 136,227 shares of the company’s stock worth $1,542,000 after purchasing an additional 61,327 shares during the last quarter. Institutional investors and hedge funds own 13.18% of the company’s stock.

Korro Bio Stock Performance

Korro Bio stock opened at $12.99 on Friday. The company’s fifty day moving average price is $12.16 and its 200 day moving average price is $10.93. Korro Bio has a 1 year low of $5.20 and a 1 year high of $55.89. The stock has a market capitalization of $187.35 million, a P/E ratio of -1.11 and a beta of 3.00.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results 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%. Sell-side analysts predict 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.