Korro Bio (NASDAQ:KRRO) Issues Earnings Results, Beats Estimates By $0.22 EPS

Korro Bio (NASDAQ:KRRO) posted its quarterly earnings results on Thursday. The company reported ($1.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.22, FiscalAI reports. The firm had revenue of $1.50 million during the quarter, compared to the consensus estimate of $0.21 million. Korro Bio had a negative return on equity of 118.45% and a negative net margin of 1,834.48%.

Korro Bio Price Performance

KRRO traded up $1.13 during trading on Friday, hitting $13.25. The company had a trading volume of 120,198 shares, compared to its average volume of 159,064. Korro Bio has a 1-year low of $5.20 and a 1-year high of $55.89. The company has a market cap of $191.06 million, a PE ratio of -1.32 and a beta of 3.04. The business has a 50-day moving average of $12.19 and a 200-day moving average of $12.06.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on KRRO shares. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a report on Monday, July 6th. JonesTrading raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Citigroup initiated coverage on shares of Korro Bio in a research note on Monday, May 18th. They issued a “buy” rating and a $21.00 target price on the stock. Finally, HC Wainwright decreased 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. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Korro Bio currently has an average rating of “Moderate Buy” and a consensus price target of $16.71.

Insider Activity at Korro Bio

In related news, CEO Ram Aiyar sold 15,152 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $12.98, for a total value of $196,672.96. Following the completion of the sale, the chief executive officer directly owned 74,848 shares of the company’s stock, valued at $971,527.04. The trade was a 16.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Todd Chappell sold 3,168 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.83, for a total value of $34,309.44. Following the completion of the sale, the chief operating officer directly owned 16,964 shares of the company’s stock, valued at approximately $183,720.12. This represents a 15.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 306,026 shares of company stock worth $4,309,637 over the last quarter. Company insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in KRRO. Russell Investments Group Ltd. acquired a new stake in shares of Korro Bio during the 3rd quarter valued at approximately $39,000. Wells Fargo & Company MN boosted its holdings in Korro Bio by 45.5% in the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after purchasing an additional 2,352 shares during the period. Guggenheim Capital LLC bought a new stake in Korro Bio during the fourth quarter valued at $84,000. Jain Global LLC acquired a new stake in shares of Korro Bio during the fourth quarter worth $85,000. Finally, Deutsche Bank AG lifted its position in shares of Korro Bio by 241.9% in the 4th quarter. Deutsche Bank AG now owns 12,758 shares of the company’s stock worth $102,000 after buying an additional 9,027 shares during 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.