Korro Bio (NASDAQ:KRRO) Issues Earnings Results

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

Korro Bio Stock Performance

NASDAQ:KRRO traded down $0.84 during trading hours on Friday, reaching $12.05. The stock had a trading volume of 242,259 shares, compared to its average volume of 81,897. Korro Bio has a 52 week low of $5.20 and a 52 week high of $55.89. The company has a 50 day moving average price of $12.42 and a two-hundred day moving average price of $13.71.

Insiders Place Their Bets

In related news, major shareholder Anthony A. Jr. Florence bought 207,100 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were purchased at an average price of $11.11 per share, with a total value of $2,300,881.00. Following the transaction, 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. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Paul Edward Walker bought 207,100 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were bought at an average cost of $11.11 per share, for a total transaction of $2,300,881.00. Following the transaction, the insider owned 1,297,893 shares in the company, valued at approximately $14,419,591.23. The trade was a 18.99% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have purchased 1,657,320 shares of company stock worth $18,412,560. Insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Korro Bio

Several large investors have recently modified their holdings of KRRO. Quadrature Capital Ltd purchased a new position in Korro Bio during the 4th quarter valued at $217,000. Engineers Gate Manager LP purchased a new stake in shares of Korro Bio in the 4th quarter worth $215,000. Graham Capital Management L.P. purchased a new stake in shares of Korro Bio in the 4th quarter worth $327,000. Goldman Sachs Group Inc. raised its position in shares of Korro Bio by 231.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 51,950 shares of the company’s stock worth $416,000 after acquiring an additional 36,269 shares in the last quarter. Finally, Algert Global LLC bought a new position in shares of Korro Bio in the 3rd quarter worth $340,000. Institutional investors own 13.18% of the company’s stock.

Analysts Set New Price Targets

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