Korro Bio (NASDAQ:KRRO) Announces Quarterly Earnings Results

Korro Bio (NASDAQ:KRRO) issued its quarterly earnings results on Thursday. The company reported ($0.98) earnings per share for the quarter, topping the consensus estimate of ($1.26) by $0.28, FiscalAI reports.

Korro Bio Stock Performance

NASDAQ:KRRO traded up $0.02 during trading hours on Friday, reaching $14.75. The company’s stock had a trading volume of 122,598 shares, compared to its average volume of 212,551. The stock has a 50 day moving average price of $11.62 and a two-hundred day moving average price of $12.06. Korro Bio has a 12 month low of $5.20 and a 12 month high of $36.79. The company has a market capitalization of $217.27 million, a P/E ratio of -1.63 and a beta of 3.23.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on KRRO shares. Jefferies Financial Group set a $15.00 price target on Korro Bio in a research note on Tuesday, October 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a report on Friday, October 2nd. Wall Street Zen raised shares of Korro Bio from a “sell” rating to a “hold” rating in a report on Saturday. Finally, HC Wainwright reiterated a “buy” rating and issued a $15.00 price target on shares of Korro Bio in a research report on Tuesday, October 6th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.

Insider Buying and Selling

In related news, SVP Oliver Dolan sold 7,347 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $13.51, for a total value of $99,257.97. Following the transaction, the senior vice president owned 16,252 shares in the company, valued at approximately $219,564.52. This represents a 31.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jean Formela sold 28,468 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $14.00, for a total transaction of $398,552.00. Following the completion of the sale, the director directly owned 141,053 shares in the company, valued at approximately $1,974,742. The trade was a 16.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders bought 81,271 shares of company stock worth $904,203 and sold 38,269 shares worth $532,064. 4.80% of the stock is currently owned by company insiders.

About Korro Bio

Korro Bio, Inc is a clinical-stage biotechnology company developing RNA editing medicines for genetically driven diseases. The company’s approach is designed to make targeted changes to messenger RNA, potentially correcting or altering disease-related genetic instructions without permanently changing a patient’s DNA.

Korro Bio’s technology platform uses programmable oligonucleotides to guide RNA editing in specific cells and tissues. Its lead development program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene that can lead to liver and lung disease.