Korro Bio (NASDAQ:KRRO) Earns “Buy” Rating from HC Wainwright

Korro Bio (NASDAQ:KRRO)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research report issued on Tuesday, MarketBeat reports. They currently have a $15.00 price objective on the stock. HC Wainwright’s target price points to a potential upside of 41.78% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a report on Friday, October 2nd. Three equities 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. Based on data from MarketBeat.com, Korro Bio currently has an average rating of “Moderate Buy” and a consensus price target of $16.50.

Korro Bio Stock Performance

KRRO traded up $0.09 during trading on Tuesday, hitting $10.58. 167,169 shares of the company’s stock were exchanged, compared to its average volume of 213,373. The business’s 50 day moving average is $11.95 and its two-hundred day moving average is $12.20. Korro Bio has a fifty-two week low of $5.20 and a fifty-two week high of $55.89.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings data on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.27. On average, analysts expect that Korro Bio will post -4.95 EPS for the current fiscal year.

Insider Transactions at Korro Bio

In related news, major shareholder Lynx1 Capital Management Lp bought 5,222 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was purchased at an average cost of $11.40 per share, with a total value of $59,530.80. Following the transaction, the insider owned 1,543,518 shares in the company, valued at approximately $17,596,105.20. This trade represents a 0.34% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Oliver Dolan sold 7,347 shares of the business’s 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 transaction, the senior vice president owned 16,252 shares in the company, valued at $219,564.52. This represents a 31.13% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 38,269 shares of company stock valued at $532,064. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Korro Bio

Several large investors have recently modified their holdings of the stock. Deutsche Bank AG purchased a new position in Korro Bio in the 2nd quarter worth about $210,000. Hsbc Holdings PLC purchased a new stake in shares of Korro Bio during the 2nd quarter valued at about $233,000. Bank of New York Mellon Corp increased its holdings in Korro Bio by 15.2% in the 1st 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. Ieq Capital LLC purchased a new stake in Korro Bio in the 2nd quarter worth approximately $280,000. Finally, Quantinno Capital Management LP increased its holdings in Korro Bio by 30.4% in the 1st quarter. Quantinno Capital Management LP now owns 35,978 shares of the company’s stock worth $407,000 after acquiring an additional 8,381 shares in the last quarter. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Korro Bio Company Profile

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

Korro Bio’s technology platform, known as Oligonucleotide Promoted Editing of RNA, or OPERA, uses engineered oligonucleotides to guide naturally occurring cellular RNA-editing processes. The platform is intended to support the development of medicines for diseases involving the liver and other tissues.

The company’s lead clinical program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene.