Korro Bio, Inc. (NASDAQ:KRRO) Stock Has Average Price Target of $16.50 According to Analysts

Shares of Korro Bio, Inc. (NASDAQ:KRRO) have been assigned an average recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, six have given a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $16.50.

Several equities research analysts have recently commented on KRRO shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research note on Friday, October 2nd. HC Wainwright reaffirmed a “buy” rating and set a $15.00 price target on shares of Korro Bio in a research report on Tuesday, October 6th. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Jefferies Financial Group set a $15.00 target price on Korro Bio in a research report on Tuesday, October 6th.

Korro Bio Price Performance

Shares of KRRO stock opened at $9.44 on Friday. The stock has a fifty day moving average price of $11.49 and a 200 day moving average price of $12.10. The stock has a market cap of $139.01 million, a P/E ratio of -0.94 and a beta of 3.13. Korro Bio has a one year low of $5.20 and a one year high of $46.28.

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

Insider Buying and Selling

In other news, Director Jean Formela sold 28,468 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $14.00, for a total value of $398,552.00. Following the sale, the director directly owned 141,053 shares of the company’s stock, valued at approximately $1,974,742. This represents a 16.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Lynx1 Capital Management Lp acquired 5,222 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was acquired at an average price of $11.40 per share, for a total transaction of $59,530.80. Following the purchase, the insider directly owned 1,543,518 shares of the company’s stock, valued at approximately $17,596,105.20. This trade represents a 0.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have sold 38,269 shares of company stock worth $532,064. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Hsbc Holdings PLC acquired a new stake in Korro Bio in the second quarter valued at about $233,000. Nantahala Capital Management LLC acquired a new position in Korro Bio during the 2nd quarter worth approximately $8,699,274. Bank of America Corp DE acquired a new position in Korro Bio during the 2nd quarter worth approximately $681,000. ADAR1 Capital Management LLC bought a new position in Korro Bio in the 2nd quarter valued at approximately $7,118,000. Finally, Ieq Capital LLC acquired a new position in shares of Korro Bio during the second quarter worth $280,000. Institutional investors and hedge funds 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.