Korro Bio, Inc. (NASDAQ:KRRO) Receives Consensus Rating of “Moderate Buy” from Analysts

Korro Bio, Inc. (NASDAQ:KRRO) has been assigned an average rating of “Moderate Buy” from the eleven analysts that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, six have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $16.7143.

Several research analysts have recently commented on the stock. JonesTrading upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Chardan Capital upgraded shares of Korro Bio from a “neutral” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Thursday, January 29th. Citigroup assumed coverage on shares of Korro Bio in a report on Monday, May 18th. They issued a “buy” rating and a $21.00 price target for the company. Clear Str raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Finally, Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th.

Korro Bio Stock Performance

Korro Bio stock opened at $11.61 on Tuesday. The firm has a market cap of $167.42 million, a PE ratio of -0.99 and a beta of 3.07. The firm’s 50 day moving average price is $12.26 and its two-hundred day moving average price is $11.32. Korro Bio has a twelve month low of $5.20 and a twelve month high of $55.89.

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 the consensus estimate 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%. Equities analysts anticipate that Korro Bio will post -5.38 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Anthony A. Jr. Florence purchased 207,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average cost of $11.11 per share, with a total value of $2,300,881.00. Following the acquisition, the insider directly owned 1,297,893 shares of the company’s stock, valued at approximately $14,419,591.23. This trade represents a 18.99% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Mohamad Makhzoumi purchased 207,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased 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 ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 1,657,320 shares of company stock worth $18,412,560 over the last ninety days. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Korro Bio

Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in shares of Korro Bio by 6,185.5% in the third 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 acquired a new stake in shares of Korro Bio during the 3rd quarter worth approximately $2,821,000. PNC Financial Services Group Inc. acquired a new stake in shares of Korro Bio during the 3rd quarter worth approximately $140,000. Wealth Forward LLC acquired a new stake in shares of Korro Bio during the 3rd quarter worth approximately $240,000. Finally, Quantinno Capital Management LP grew its holdings in Korro Bio by 30.4% during the first quarter. Quantinno Capital Management LP now owns 35,978 shares of the company’s stock valued at $407,000 after purchasing an additional 8,381 shares during the period. 13.18% of the stock is owned by institutional investors.

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.