Korro Bio (NASDAQ:KRRO) Rating Increased to Strong-Buy at Citigroup

Citigroup upgraded shares of Korro Bio (NASDAQ:KRRO) to a strong-buy rating in a research note published on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on KRRO. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research note on Wednesday, April 8th. HC Wainwright reduced their price objective on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday. William Blair upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 17th. Finally, Chardan Capital upgraded shares of Korro Bio from a “neutral” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Thursday, January 29th. Three equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.71.

Korro Bio Trading Down 8.3%

Korro Bio stock opened at $9.15 on Monday. Korro Bio has a 1-year low of $5.20 and a 1-year high of $55.89. The firm has a market capitalization of $131.87 million, a price-to-earnings ratio of -0.78 and a beta of 3.07. The firm has a 50 day simple moving average of $12.31 and a 200 day simple moving average of $12.05.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.69) earnings per share 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%. On average, equities research analysts forecast that Korro Bio will post -5.63 EPS for the current year.

Insider Activity

In related news, major shareholder Edward T. Mathers acquired 207,100 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average cost of $11.11 per share, with a total value of $2,300,881.00. Following the acquisition, the insider owned 1,297,893 shares of the company’s stock, valued at approximately $14,419,591.23. The trade was a 18.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Forest Baskett acquired 207,100 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were bought at an average cost of $11.11 per share, with a total value of $2,300,881.00. Following the completion of the acquisition, the insider directly owned 1,297,893 shares in the company, valued at $14,419,591.23. The trade was a 18.99% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 1,657,320 shares of company stock worth $18,412,560. Company insiders own 4.80% of the company’s stock.

Institutional Trading of Korro Bio

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its holdings in shares of 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 acquiring an additional 196,079 shares during the last quarter. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Korro Bio during the 3rd quarter worth $2,821,000. Goldman Sachs Group Inc. lifted its holdings in shares of Korro Bio by 231.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 51,950 shares of the company’s stock worth $416,000 after acquiring an additional 36,269 shares during the last quarter. Alliancebernstein L.P. bought a new stake in shares of Korro Bio during the 3rd quarter worth $369,000. Finally, Algert Global LLC bought a new stake in shares of Korro Bio during the 3rd quarter worth $340,000. 13.18% of the stock is owned by institutional investors.

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.