Korro Bio (NASDAQ:KRRO) Given Buy Rating at HC Wainwright

Korro Bio (NASDAQ:KRRO)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. They currently have a $15.00 price target on the stock. HC Wainwright’s price objective would indicate a potential upside of 50.17% from the stock’s current price.

Several other research analysts have also recently weighed in on KRRO. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research report on Friday. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Korro Bio has a consensus rating of “Moderate Buy” and an average price target of $16.50.

Korro Bio Stock Performance

NASDAQ:KRRO traded up $0.02 on Tuesday, hitting $9.99. The stock had a trading volume of 5,724 shares, compared to its average volume of 190,815. The stock has a market cap of $147.14 million, a P/E ratio of -0.99 and a beta of 3.13. Korro Bio has a 1 year low of $5.20 and a 1 year high of $55.89. The firm’s fifty day simple moving average is $11.93 and its two-hundred day simple moving average is $12.21.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.27. Equities research analysts predict that Korro Bio will post -4.95 EPS for the current year.

Insider Buying and Selling

In other Korro Bio news, major shareholder Lynx1 Capital Management Lp acquired 5,222 shares of Korro Bio stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average cost of $11.40 per share, for a total transaction of $59,530.80. Following the purchase, the insider owned 1,543,518 shares of the company’s stock, valued at approximately $17,596,105.20. This represents a 0.34% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jean Formela sold 28,468 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $14.00, for a total value of $398,552.00. Following the sale, the director owned 141,053 shares in the company, valued at approximately $1,974,742. This represents 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. 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.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Deutsche Bank AG purchased a new stake in shares of Korro Bio in the 2nd quarter valued at about $210,000. Hsbc Holdings PLC purchased a new position in shares of Korro Bio during the second quarter worth about $233,000. Ieq Capital LLC purchased a new position in shares of Korro Bio during the second quarter worth about $280,000. Bank of New York Mellon Corp increased its position in shares of Korro Bio by 15.2% in the first quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock worth $246,000 after purchasing an additional 2,875 shares during the last quarter. Finally, Quantinno Capital Management LP raised 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 purchasing an additional 8,381 shares in the last quarter. 13.18% of the stock is owned by institutional investors.

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.