HC Wainwright Reaffirms Buy Rating for Korro Bio (NASDAQ:KRRO)

Korro Bio (NASDAQ:KRRO)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. They presently have a $15.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 42.99% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research report on Friday, October 2nd. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Korro Bio has an average rating of “Moderate Buy” and an average price target of $16.50.

Korro Bio Trading Up 7.5%

NASDAQ:KRRO opened at $10.49 on Tuesday. The stock has a 50 day simple moving average of $11.94 and a 200 day simple moving average of $12.20. The stock has a market cap of $154.52 million, a P/E ratio of -1.05 and a beta of 3.13. Korro Bio has a 1-year low of $5.20 and a 1-year high of $55.89.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.27. As a group, sell-side analysts forecast that Korro Bio will post -4.95 EPS for the current year.

Insider Buying and Selling at Korro Bio

In other news, SVP Oliver Dolan sold 7,347 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $13.51, for a total value of $99,257.97. Following the completion of the transaction, the senior vice president directly owned 16,252 shares in the company, valued at approximately $219,564.52. The trade was a 31.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jean Formela sold 28,468 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $14.00, for a total transaction of $398,552.00. Following the sale, the director directly owned 141,053 shares of the company’s stock, valued at approximately $1,974,742. This trade represents a 16.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 38,269 shares of company stock valued at $532,064 in the last ninety days. 4.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Korro Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Deutsche Bank AG acquired a new stake in shares of Korro Bio in the 2nd quarter valued at $210,000. Hsbc Holdings PLC acquired a new position in shares of Korro Bio during the 2nd quarter worth $233,000. Ieq Capital LLC acquired a new position in shares of Korro Bio during the 2nd quarter worth $280,000. Bank of New York Mellon Corp lifted its position in shares of Korro Bio by 15.2% during the 1st quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock worth $246,000 after buying an additional 2,875 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of 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 buying an additional 8,381 shares during the last quarter. 13.18% of the stock is currently owned by institutional investors.

About Korro Bio

Korro Bio, Inc is a biotechnology company developing RNA editing medicines for the treatment of genetic diseases. The company’s approach is designed to make targeted changes to messenger RNA (mRNA), potentially correcting disease-causing mutations without permanently altering a patient’s DNA.

Korro Bio’s technology platform, known as Oligonucleotide Promoted Editing of RNA, or OPERA, uses engineered oligonucleotides to guide naturally occurring cellular RNA-editing processes. The platform is intended to support the development of medicines for diseases involving the liver and other tissues.

The company’s lead clinical program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene.