Korro Bio, Inc. (NASDAQ:KRRO) Receives $16.71 Average PT from Analysts

Korro Bio, Inc. (NASDAQ:KRRO – Get Free Report) has received an average recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, six have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $16.7143.

Several analysts have issued reports on KRRO shares. JonesTrading raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research note on Monday, July 6th. HC Wainwright cut their price objective on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Finally, Citigroup started coverage on Korro Bio in a research note on Monday, May 18th. They issued a “buy” rating and a $21.00 target price on the stock.

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Insider Buying and Selling

In other news, COO Todd Chappell sold 3,168 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total value of $34,309.44. Following the sale, the chief operating officer directly owned 16,964 shares in the company, valued at $183,720.12. This represents a 15.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jean Francois Formela sold 119,005 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $14.25, for a total value of $1,695,821.25. Following the completion of the sale, the director owned 176,649 shares in the company, valued at $2,517,248.25. This represents a 40.25% decrease in their ownership of the stock. 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 306,026 shares of company stock valued at $4,309,637. 4.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new stake in shares of Korro Bio during the 3rd quarter worth about $39,000. Algert Global LLC purchased a new stake in shares of Korro Bio during the third quarter worth about $340,000. Wells Fargo & Company MN raised its position in shares of Korro Bio by 45.5% in the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after buying an additional 2,352 shares during the last quarter. Alliancebernstein L.P. acquired a new position in shares of Korro Bio in the third quarter valued at approximately $369,000. Finally, Blair William & Co. IL purchased a new position in shares of Korro Bio during the third quarter valued at approximately $467,000. Institutional investors and hedge funds own 13.18% of the company’s stock.

Korro Bio Stock Up 5.7%

Korro Bio stock opened at $11.35 on Friday. Korro Bio has a 52 week low of $5.20 and a 52 week high of $55.89. The firm’s 50-day simple moving average is $12.27 and its 200 day simple moving average is $12.01. The firm has a market capitalization of $163.67 million, a PE ratio of -0.97 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.69) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.09). Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 117.86%. On average, research analysts expect that Korro Bio will post -5.36 EPS for the current fiscal year.

Korro Bio Company Profile

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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.

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