Korro Bio (NASDAQ:KRRO) Announces Quarterly Earnings Results, Beats Expectations By $0.22 EPS

Korro Bio (NASDAQ:KRRO) posted its quarterly earnings results on Thursday. The company reported ($1.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.22, FiscalAI reports. Korro Bio had a negative return on equity of 118.45% and a negative net margin of 1,834.48%.The business had revenue of $1.50 million during the quarter, compared to analyst estimates of $0.21 million.

Korro Bio Trading Up 9.3%

Shares of KRRO traded up $1.13 during mid-day trading on Friday, hitting $13.25. 120,198 shares of the company’s stock were exchanged, compared to its average volume of 159,064. Korro Bio has a fifty-two week low of $5.20 and a fifty-two week high of $55.89. The business’s 50 day moving average is $12.19 and its two-hundred day moving average is $12.06. The firm has a market capitalization of $191.06 million, a P/E ratio of -1.32 and a beta of 3.04.

Insider Buying and Selling

In other Korro Bio news, COO Todd Chappell sold 3,168 shares of Korro Bio stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total value of $34,309.44. Following the sale, the chief operating officer owned 16,964 shares of the company’s stock, valued at approximately $183,720.12. The trade was a 15.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Loic A. Vincent sold 3,418 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $10.83, for a total value of $37,016.94. Following the completion of the sale, the insider directly owned 18,297 shares of the company’s stock, valued at approximately $198,156.51. This trade represents a 15.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 306,026 shares of company stock valued at $4,309,637 in the last ninety days. Company insiders own 4.80% of the company’s stock.

Institutional Trading of Korro Bio

A number of institutional investors have recently added to or reduced their stakes in KRRO. Russell Investments Group Ltd. acquired a new stake in Korro Bio in the third quarter valued at $39,000. Wells Fargo & Company MN grew its holdings in Korro Bio by 45.5% in the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after purchasing an additional 2,352 shares during the period. Guggenheim Capital LLC acquired a new stake in shares of Korro Bio during the 4th quarter worth $84,000. Jain Global LLC acquired a new stake in Korro Bio during the fourth quarter worth about $85,000. Finally, Deutsche Bank AG increased its position in Korro Bio by 241.9% during the 4th quarter. Deutsche Bank AG now owns 12,758 shares of the company’s stock worth $102,000 after purchasing an additional 9,027 shares in the last quarter. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Citigroup began coverage on shares of Korro Bio in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 price objective for the company. JonesTrading upgraded Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday. HC Wainwright reduced their price target on Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Finally, Lifesci Capital upgraded shares of Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Korro Bio has an average rating of “Moderate Buy” and an average price target of $16.71.

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.