Korro Bio (NASDAQ:KRRO) Upgraded to Strong-Buy at Lifesci Capital

Lifesci Capital upgraded shares of Korro Bio (NASDAQ:KRRO) to a strong-buy rating in a research report sent to investors on Friday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. HC Wainwright dropped their price target on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Cantor Fitzgerald increased their price target on shares of Korro Bio from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research report on Wednesday, April 8th. Finally, Citigroup started coverage on shares of Korro Bio in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 price target for the company. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.71.

Korro Bio Stock Performance

NASDAQ KRRO opened at $13.41 on Friday. The firm has a 50-day simple moving average of $12.33 and a 200 day simple moving average of $10.92. Korro Bio has a twelve month low of $5.20 and a twelve month high of $55.89. The stock has a market cap of $193.41 million, a PE ratio of -1.15 and a beta of 3.07.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($1.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.09). Korro Bio had a negative return on equity of 117.86% and a negative net margin of 1,834.48%. Research analysts forecast that Korro Bio will post -5.38 earnings per share for the current fiscal year.

Insider Activity at Korro Bio

In other news, major shareholder Edward T. Mathers acquired 207,100 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average price of $11.11 per share, with a total value of $2,300,881.00. Following the completion of the acquisition, the insider owned 1,297,893 shares in the company, valued at approximately $14,419,591.23. This represents a 18.99% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Mohamad Makhzoumi acquired 207,100 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were purchased at an average cost of $11.11 per share, with a total value of $2,300,881.00. Following the acquisition, the insider owned 1,297,893 shares of the company’s stock, valued at approximately $14,419,591.23. This represents a 18.99% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 1,657,320 shares of company stock valued at $18,412,560. Insiders own 4.80% of the company’s stock.

Institutional Trading of Korro Bio

Several hedge funds have recently modified their holdings of the company. Affinity Asset Advisors LLC acquired a new stake in shares of Korro Bio during the first quarter worth approximately $8,002,000. Nantahala Capital Management LLC acquired a new stake in shares of Korro Bio during the fourth quarter worth approximately $4,806,000. ADAR1 Capital Management LLC acquired a new stake in shares of Korro Bio during the first quarter worth approximately $6,113,000. TCG Crossover Management LLC acquired a new stake in shares of Korro Bio during the third quarter worth approximately $19,937,000. Finally, Vanguard Group Inc. increased its holdings in shares of Korro Bio by 2.3% in the third quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock valued at $18,948,000 after purchasing an additional 8,921 shares in the last quarter. Institutional investors and hedge funds own 13.18% of the company’s stock.

About Korro Bio

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.