Piper Sandler Downgrades Korro Bio (NASDAQ:KRRO) to Neutral

Korro Bio (NASDAQ:KRRO) was downgraded by analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Marketbeat.com reports. They presently have a $11.00 price target on the stock. Piper Sandler’s price objective points to a potential upside of 81.22% from the company’s previous close.

A number of other equities analysts have also issued reports on the stock. Chardan Capital reiterated a “neutral” rating on shares of Korro Bio in a research report on Thursday. HC Wainwright reiterated a “neutral” rating on shares of Korro Bio in a report on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research note on Tuesday, October 14th. Finally, Raymond James Financial dropped their target price on Korro Bio from $153.00 to $147.00 and set a “strong-buy” rating on the stock in a report on Wednesday, August 13th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $76.00.

Korro Bio Price Performance

Shares of Korro Bio stock opened at $6.07 on Thursday. Korro Bio has a 1-year low of $5.70 and a 1-year high of $56.69. The business’s fifty day moving average price is $37.71 and its two-hundred day moving average price is $23.38. The company has a market capitalization of $57.18 million, a P/E ratio of -0.65 and a beta of 2.94.

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

Institutional Trading of Korro Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in KRRO. Bank of New York Mellon Corp grew its position in Korro Bio by 9.0% in the first quarter. Bank of New York Mellon Corp now owns 16,113 shares of the company’s stock worth $281,000 after buying an additional 1,325 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Korro Bio during the 1st quarter worth $185,000. Blair William & Co. IL boosted its stake in shares of Korro Bio by 25.9% during the 1st quarter. Blair William & Co. IL now owns 16,230 shares of the company’s stock worth $283,000 after acquiring an additional 3,335 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Korro Bio by 4.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 18,288 shares of the company’s stock worth $318,000 after acquiring an additional 790 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Korro Bio during the first quarter worth $211,000. 13.18% of the stock is owned by institutional investors and hedge funds.

Korro Bio Company Profile

Korro Bio, Inc, a biopharmaceutical company, engages in the discovery, development, and commercialization of genetic medicines based on editing RNA for the treatment of rare and highly prevalent diseases primarily in the United States. Its lead product candidate is KRRO-110 which is in preclinical trials for the treatment of Alpha-1 Antitrypsin Deficiency (AATD).