Korro Bio (NASDAQ:KRRO) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Korro Bio (NASDAQ:KRRO) from a strong sell rating to a sell rating in a research note issued to investors on Saturday morning.

A number of other research analysts also recently weighed in on KRRO. Citigroup began coverage on Korro Bio in a report on Monday, May 18th. They set a “buy” rating and a $21.00 target price on the stock. HC Wainwright lowered their target price on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. JonesTrading upgraded Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a report on Monday, July 6th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.71.

Korro Bio Price Performance

Shares of NASDAQ KRRO opened at $13.49 on Friday. Korro Bio has a 1 year low of $5.20 and a 1 year high of $55.89. The company’s 50-day moving average is $12.20 and its 200 day moving average is $12.12. The stock has a market capitalization of $198.71 million, a P/E ratio of -1.35 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. The company had revenue of $1.50 million during the quarter, compared to the consensus estimate of $0.21 million. Research analysts anticipate that Korro Bio will post -5.14 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Loic A. Vincent sold 3,418 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total transaction of $37,016.94. Following the completion of the transaction, the insider owned 18,297 shares of the company’s stock, valued at $198,156.51. This trade represents a 15.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ram Aiyar sold 15,152 shares of Korro Bio stock in a transaction on Friday, May 29th. The shares were sold at an average price of $12.98, for a total value of $196,672.96. Following the transaction, the chief executive officer owned 74,848 shares of the company’s stock, valued at $971,527.04. The trade was a 16.84% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 306,026 shares of company stock worth $4,309,637. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Korro Bio

Several large investors have recently modified their holdings of KRRO. Russell Investments Group Ltd. bought a new position in Korro Bio in the 3rd quarter worth about $39,000. Algert Global LLC purchased a new stake in Korro Bio during the 3rd quarter valued at about $340,000. Wells Fargo & Company MN increased its stake in Korro Bio by 45.5% during the 4th quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after purchasing an additional 2,352 shares in the last quarter. Alliancebernstein L.P. bought a new stake in Korro Bio during the 3rd quarter valued at about $369,000. Finally, Blair William & Co. IL bought a new stake in Korro Bio during the 3rd quarter valued at about $467,000. Hedge funds and other institutional investors own 13.18% of the company’s stock.

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.