Korro Bio’s (KRRO) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Korro Bio (NASDAQ:KRRO) in a report published on Thursday morning,Benzinga reports. HC Wainwright currently has a $15.00 price target on the stock.

Other equities research analysts have also issued research reports about the company. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Lifesci Capital upgraded Korro Bio to a “strong-buy” rating in a research report on Friday, May 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research note on Monday, July 6th. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, Citigroup began coverage on shares of Korro Bio in a report on Monday, May 18th. They set a “buy” rating and a $21.00 target price on the stock. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Korro Bio presently has an average rating of “Moderate Buy” and an average price target of $16.71.

Korro Bio Stock Up 1.7%

KRRO opened at $13.18 on Thursday. Korro Bio has a 12 month low of $5.20 and a 12 month high of $55.89. The company has a fifty day simple moving average of $12.63 and a 200 day simple moving average of $12.24. The stock has a market cap of $194.14 million, a P/E ratio of -1.32 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.27. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%. On average, equities research analysts expect that Korro Bio will post -4.97 earnings per share for the current fiscal year.

Insider Transactions at Korro Bio

In other news, insider Loic A. Vincent sold 3,418 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total value of $37,016.94. Following the sale, the insider directly owned 18,297 shares in the company, valued at $198,156.51. The trade was a 15.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jean Francois Formela sold 28,468 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $14.00, for a total value of $398,552.00. Following the transaction, the director directly owned 141,053 shares of the company’s stock, valued at $1,974,742. This represents a 16.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 336,637 shares of company stock worth $4,738,105. Company insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Korro Bio

Several institutional investors have recently bought and sold shares of the company. Kalehua Capital Management LLC bought a new position in shares of Korro Bio during the 1st quarter worth approximately $1,238,000. ADAR1 Capital Management LLC bought a new stake in shares of Korro Bio in the first quarter worth $6,113,000. Affinity Asset Advisors LLC bought a new stake in shares of Korro Bio in the first quarter worth $8,002,000. Renaissance Technologies LLC boosted its holdings in Korro Bio by 81.9% during the first 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. Finally, Walleye Capital LLC acquired a new position in Korro Bio during the second quarter worth $716,000. Institutional investors own 13.18% of the company’s stock.

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.