Brokerages Set Korro Bio, Inc. (NASDAQ:KRRO) PT at $16.71

Shares of Korro Bio, Inc. (NASDAQ:KRRO) have received an average rating of “Moderate Buy” from the twelve ratings firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $16.7143.

A number of research analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research note on Monday, July 6th. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Lifesci Capital upgraded Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. Finally, HC Wainwright reissued a “buy” rating and issued a $15.00 target price on shares of Korro Bio in a research note on Thursday, August 20th.

Insider Activity

In other news, major shareholder Lynx1 Capital Management Lp acquired 5,222 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average price of $11.40 per share, for a total transaction of $59,530.80. Following the completion of the acquisition, the insider owned 1,543,518 shares in the company, valued at $17,596,105.20. This trade represents a 0.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jean Formela sold 28,468 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $14.00, for a total transaction of $398,552.00. Following the completion of the sale, the director directly owned 141,053 shares of the company’s stock, valued at $1,974,742. The trade was a 16.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 148,292 shares of company stock valued at $2,075,035 in the last ninety days. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Korro Bio

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in Korro Bio by 15.2% during the first quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock worth $246,000 after acquiring an additional 2,875 shares in the last quarter. Quantinno Capital Management LP grew its stake in Korro Bio by 30.4% in the first quarter. Quantinno Capital Management LP now owns 35,978 shares of the company’s stock valued at $407,000 after acquiring an additional 8,381 shares during the period. Deutsche Bank AG bought a new stake in shares of Korro Bio in the second quarter worth about $210,000. Hsbc Holdings PLC bought a new stake in shares of Korro Bio in the second quarter worth about $233,000. Finally, Ieq Capital LLC acquired a new stake in shares of Korro Bio during the second quarter worth about $280,000. Institutional investors and hedge funds own 13.18% of the company’s stock.

Korro Bio Price Performance

KRRO opened at $9.83 on Monday. The firm has a 50 day simple moving average of $12.25 and a 200 day simple moving average of $12.35. Korro Bio has a fifty-two week low of $5.20 and a fifty-two week high of $55.89. The company has a market cap of $144.80 million, a price-to-earnings ratio of -0.98 and a beta of 3.09.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings data 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 net margin of 1,834.48% and a negative return on equity of 114.26%. As a group, analysts expect that Korro Bio will post -4.95 EPS for the current year.

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.