Korro Bio (NASDAQ:KRRO) Upgraded to “Strong-Buy” at Citigroup

Korro Bio (NASDAQ:KRRO) was upgraded by Citigroup to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research note on Wednesday, April 8th. JonesTrading upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. William Blair upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 17th. Raymond James Financial upgraded shares of 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, HC Wainwright lowered their price objective on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday. Three investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.71.

Korro Bio Trading Down 8.3%

Shares of NASDAQ:KRRO opened at $9.15 on Monday. The firm’s 50 day moving average is $12.31 and its two-hundred day moving average is $12.05. Korro Bio has a 52 week low of $5.20 and a 52 week high of $55.89. The firm has a market capitalization of $131.87 million, a P/E ratio of -0.78 and a beta of 3.07.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.69) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.09). Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 117.86%. Analysts predict that Korro Bio will post -5.63 EPS for the current year.

Insider Buying and Selling at Korro Bio

In other Korro Bio news, major shareholder Paul Edward Walker bought 207,100 shares of Korro Bio stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average cost of $11.11 per share, for a total transaction of $2,300,881.00. Following the completion of the acquisition, the insider owned 1,297,893 shares of the company’s stock, valued at approximately $14,419,591.23. This represents a 18.99% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Anthony A. Jr. Florence purchased 207,100 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was acquired at an average price of $11.11 per share, for a total transaction of $2,300,881.00. Following the transaction, the insider owned 1,297,893 shares of the company’s stock, valued at $14,419,591.23. The trade was a 18.99% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 1,657,320 shares of company stock valued at $18,412,560. 4.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Korro Bio

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its stake in shares of Korro Bio by 6,185.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock worth $9,542,000 after acquiring an additional 196,079 shares in the last quarter. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Korro Bio during the 3rd quarter worth $2,821,000. XTX Topco Ltd bought a new stake in shares of Korro Bio during the 3rd quarter worth $2,085,000. State Street Corp boosted its stake in shares of Korro Bio by 17.4% during the 4th quarter. State Street Corp now owns 146,221 shares of the company’s stock worth $1,171,000 after acquiring an additional 21,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Korro Bio by 231.3% during 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. 13.18% of the stock is owned by institutional investors.

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.