Korro Bio (NASDAQ:KRRO) Shares Down 5.9% – Here’s What Happened

Shares of Korro Bio, Inc. (NASDAQ:KRRO) fell 5.9% during trading on Monday . The company traded as low as $8.62 and last traded at $8.94. 183,664 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 178,249 shares. The stock had previously closed at $9.50.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on KRRO shares. Cantor Fitzgerald lowered shares of Korro Bio from an “overweight” rating to a “neutral” rating in a report on Thursday, November 13th. Raymond James Financial lowered shares of Korro Bio from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, November 13th. Wall Street Zen cut shares of Korro Bio from a “hold” rating to a “sell” rating in a research note on Saturday, December 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research note on Tuesday, October 14th. Finally, Royal Bank Of Canada downgraded Korro Bio from an “outperform” rating to a “sector perform” rating in a report on Thursday, November 13th. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Korro Bio has an average rating of “Hold” and a consensus price target of $76.00.

Korro Bio Stock Down 5.9%

The company has a market cap of $84.21 million, a price-to-earnings ratio of -0.95 and a beta of 2.95. The firm has a 50 day moving average price of $10.88 and a two-hundred day moving average price of $21.54.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Wednesday, November 12th. The company reported ($1.92) EPS for the quarter, beating the consensus estimate of ($2.61) by $0.69. The business had revenue of $1.09 million for the quarter, compared to analysts’ expectations of $0.41 million. Korro Bio had a negative return on equity of 68.87% and a negative net margin of 1,199.53%. On average, equities analysts expect that Korro Bio, Inc. will post -9.52 earnings per share for the current year.

Hedge Funds Weigh In On Korro Bio

A number of hedge funds have recently bought and sold shares of KRRO. TCG Crossover Management LLC bought a new stake in Korro Bio during the third quarter valued at $19,937,000. Vanguard Group Inc. boosted its position in shares of Korro Bio by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock valued at $18,948,000 after purchasing an additional 8,921 shares in the last quarter. Polar Capital Holdings Plc boosted its position in shares of Korro Bio by 5.9% during the 3rd quarter. Polar Capital Holdings Plc now owns 264,694 shares of the company’s stock valued at $12,676,000 after purchasing an additional 14,694 shares in the last quarter. Millennium Management LLC grew its stake in Korro Bio by 1.8% during the third quarter. Millennium Management LLC now owns 260,333 shares of the company’s stock worth $12,467,000 after purchasing an additional 4,650 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in 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 purchasing an additional 196,079 shares in the last quarter. 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.