Korro Bio, Inc. (NASDAQ:KRRO) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Korro Bio, Inc. (NASDAQ:KRRO) have been assigned a consensus recommendation of “Moderate Buy” from the eleven research firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have covered the stock in the last year is $37.2857.

A number of brokerages have recently issued reports on KRRO. Wall Street Zen cut shares of Korro Bio from a “hold” rating to a “sell” rating in a research report on Saturday, December 13th. Cantor Fitzgerald raised their price target on shares of Korro Bio from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Raymond James Financial upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Friday, March 13th. William Blair upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a report on Friday, January 9th.

Insiders Place Their Bets

In related news, major shareholder Edward T. Mathers acquired 207,100 shares of the company’s stock in a transaction 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. The trade was a 18.99% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Paul Edward Walker acquired 207,100 shares of the company’s stock in a transaction on 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 completion of the acquisition, the insider directly owned 1,297,893 shares in the company, valued at approximately $14,419,591.23. This represents 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 1,656,800 shares of company stock valued at $18,407,048 in the last quarter. Company insiders own 4.60% of the company’s stock.

Institutional Trading of Korro Bio

Several large investors have recently modified their holdings of KRRO. JPMorgan Chase & Co. raised its stake in Korro Bio by 6,185.5% in the third quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock valued at $9,542,000 after purchasing an additional 196,079 shares in the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in Korro Bio during the third quarter worth about $2,821,000. Bank of America Corp DE increased its holdings in Korro Bio by 520.0% in the 2nd quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock valued at $352,000 after buying an additional 23,615 shares during the period. Graham Capital Management L.P. bought a new position in Korro Bio in the 4th quarter valued at about $327,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Korro Bio in the 4th quarter valued at approximately $217,000. 13.18% of the stock is owned by institutional investors and hedge funds.

Korro Bio Stock Performance

NASDAQ:KRRO opened at $10.40 on Monday. The stock has a 50 day simple moving average of $11.48 and a 200 day simple moving average of $18.96. The stock has a market cap of $150.00 million, a P/E ratio of -0.83 and a beta of 2.98. Korro Bio has a 1-year low of $5.20 and a 1-year high of $55.89.

Korro Bio (NASDAQ:KRRO) last issued its quarterly earnings data on Thursday, March 12th. The company reported ($5.32) EPS for the quarter, missing analysts’ consensus estimates of ($1.93) by ($3.39). The firm had revenue of $1.29 million during the quarter, compared to analyst estimates of $0.43 million. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 115.95%. As a group, sell-side analysts forecast that Korro Bio will post -9.52 EPS for the current year.

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.