Korro Bio, Inc. (NASDAQ:KRRO) Receives $16.71 Average Target Price from Analysts

Korro Bio, Inc. (NASDAQ:KRRO) has been given a consensus rating of “Moderate Buy” by the twelve brokerages that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, six have given a buy recommendation and three have issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $16.7143.

KRRO has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research report on Monday, July 6th. Citigroup assumed coverage on shares of Korro Bio in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 price target on the stock. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. HC Wainwright reaffirmed a “buy” rating and set a $15.00 price objective on shares of Korro Bio in a report on Thursday, August 20th. Finally, Lifesci Capital upgraded shares of Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th.

Insiders Place Their Bets

In other Korro Bio news, Director Jean Francois Formela sold 119,005 shares of Korro Bio stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $14.25, for a total value of $1,695,821.25. Following the transaction, the director directly owned 176,649 shares of the company’s stock, valued at $2,517,248.25. The trade was a 40.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Lynx1 Capital Management Lp acquired 5,222 shares of Korro Bio stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $11.40 per share, with a total value of $59,530.80. Following the completion of the transaction, the insider directly owned 1,543,518 shares of the company’s stock, valued at $17,596,105.20. This trade represents a 0.34% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold a total of 318,925 shares of company stock worth $4,505,723 over the last quarter. 4.80% of the stock is currently owned by company insiders.

Institutional Trading of Korro Bio

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC grew its position in Korro Bio by 10.8% in the 2nd quarter. Geode Capital Management LLC now owns 155,387 shares of the company’s stock worth $1,941,000 after purchasing an additional 15,166 shares during the last quarter. Raymond James Financial Inc. increased its holdings in shares of Korro Bio by 357.6% during the 2nd quarter. Raymond James Financial Inc. now owns 83,392 shares of the company’s stock worth $1,042,000 after purchasing an additional 65,170 shares during the period. Bank of America Corp DE raised its position in shares of Korro Bio by 520.0% during the second 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 last quarter. Vanguard Group Inc. raised its position in shares of Korro Bio by 2.3% during the third quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock valued at $18,948,000 after buying an additional 8,921 shares during the last quarter. Finally, Blair William & Co. IL bought a new stake in shares of Korro Bio in the third quarter valued at about $467,000. 13.18% of the stock is owned by institutional investors.

Korro Bio Trading Down 2.6%

Korro Bio stock opened at $12.91 on Thursday. The company has a market capitalization of $190.11 million, a P/E ratio of -1.29 and a beta of 3.04. The firm’s fifty day simple moving average is $12.78 and its 200-day simple moving average is $12.27. Korro Bio has a 1-year low of $5.20 and a 1-year high of $55.89.

Korro Bio (NASDAQ:KRRO) last posted its earnings results on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.27. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 114.26%. On average, equities research analysts predict that Korro Bio will post -4.97 earnings per share for the current year.

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.