Korro Bio (NASDAQ:KRRO) Issues Earnings Results

Korro Bio (NASDAQ:KRRO) posted its earnings results on Thursday. The company reported ($1.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.73) by $0.04, FiscalAI reports. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 128.21%.

Korro Bio Trading Down 6.5%

Korro Bio stock traded down $0.84 during mid-day trading on Friday, hitting $12.05. 242,259 shares of the company’s stock were exchanged, compared to its average volume of 81,897. The stock has a market cap of $173.76 million, a P/E ratio of -1.03 and a beta of 3.07. Korro Bio has a 1-year low of $5.20 and a 1-year high of $55.89. The stock has a 50 day moving average of $12.42 and a two-hundred day moving average of $13.71.

Insider Buying and Selling at Korro Bio

In other news, major shareholder Paul Edward Walker acquired 207,100 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was acquired at an average cost of $11.11 per share, with a total value of $2,300,881.00. Following the acquisition, the insider 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Edward T. Mathers acquired 207,100 shares of the firm’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 owned 1,297,893 shares in the company, valued at $14,419,591.23. This trade represents a 18.99% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 1,657,320 shares of company stock worth $18,412,560 in the last quarter. 4.60% of the stock is owned by corporate insiders.

Institutional Trading of Korro Bio

Several large investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in shares of Korro Bio during the 3rd quarter worth $39,000. Wells Fargo & Company MN boosted its holdings in shares of Korro Bio by 45.5% during the 4th quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after buying an additional 2,352 shares during the period. Millennium Management LLC boosted its holdings in shares of Korro Bio by 1.8% during the 3rd quarter. Millennium Management LLC now owns 260,333 shares of the company’s stock worth $12,467,000 after buying an additional 4,650 shares during the period. Algert Global LLC bought a new stake in shares of Korro Bio during the 3rd quarter worth $340,000. Finally, Alliancebernstein L.P. bought a new stake in shares of Korro Bio during the 3rd quarter worth $369,000. 13.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Cantor Fitzgerald raised their price target on shares of Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, March 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research report on Wednesday, April 8th. William Blair raised shares of Korro Bio from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 17th. Clear Str raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. Finally, Raymond James Financial raised shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a research report on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Korro Bio currently has a consensus rating of “Moderate Buy” and an average target price of $37.29.

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.