Korro Bio, Inc. (NASDAQ:KRRO) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Shares of Korro Bio, Inc. (NASDAQ:KRRO) have earned an average recommendation of “Moderate Buy” from the twelve research firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, six have issued a buy recommendation and three have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $16.71.

KRRO has been the topic of several recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research report on Monday, July 6th. HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of Korro Bio in a research report on Thursday, August 20th. Lifesci Capital upgraded shares of Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Finally, Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th.

Korro Bio Price Performance

Shares of KRRO opened at $9.57 on Monday. The company has a market cap of $140.97 million, a P/E ratio of -0.96 and a beta of 3.09. The stock has a fifty day moving average price of $12.14 and a 200 day moving average price of $12.32. Korro Bio has a 12 month low of $5.20 and a 12 month high of $55.89.

Korro Bio (NASDAQ:KRRO) last posted its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.27. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%. As a group, research analysts anticipate that Korro Bio will post -4.95 earnings per share for the current year.

Insider Activity at Korro Bio

In related news, SVP Oliver Dolan sold 7,347 shares of Korro Bio stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $13.51, for a total transaction of $99,257.97. Following the sale, the senior vice president directly owned 16,252 shares in the company, valued at $219,564.52. The trade was a 31.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Lynx1 Capital Management Lp acquired 5,222 shares of Korro Bio stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average cost of $11.40 per share, with a total value of $59,530.80. Following the acquisition, the insider directly owned 1,543,518 shares of the company’s stock, valued at approximately $17,596,105.20. This trade represents a 0.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold a total of 148,292 shares of company stock worth $2,075,035 over the last ninety days. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Korro Bio

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new stake in Korro Bio during the 2nd quarter valued at approximately $10,776,000. Affinity Asset Advisors LLC bought a new position in Korro Bio in the 1st quarter worth approximately $8,002,000. Nantahala Capital Management LLC bought a new position in Korro Bio in the 2nd quarter worth approximately $8,699,274. ADAR1 Capital Management LLC acquired a new position in shares of Korro Bio during the second quarter worth approximately $7,118,000. Finally, Kalehua Capital Management LLC bought a new stake in shares of Korro Bio in the first quarter valued at approximately $1,238,000. 13.18% of the stock is currently owned by institutional investors and hedge funds.

About Korro Bio

Korro Bio, Inc is a clinical-stage biotechnology company focused on developing RNA-editing medicines for genetic diseases. The company’s approach is designed to make precise changes to messenger RNA (mRNA), potentially correcting disease-causing genetic mutations without permanently altering a patient’s DNA.

Korro’s technology platform uses short, chemically modified oligonucleotides to guide naturally occurring RNA-editing enzymes, including adenosine deaminase acting on RNA (ADAR), to targeted RNA sequences.