Korro Bio's (KRRO) "Buy" Rating Reiterated at HC Wainwright

Korro Bio (NASDAQ:KRRO - Get Free Report)'s stock had its "buy" rating reiterated by analysts at HC Wainwright in a research note issued to investors on Tuesday, MarketBeat reports. They presently have a $15.00 price objective on the stock. HC Wainwright's price target indicates a potential upside of 50.45% from the stock's previous close.

A number of other research firms have also commented on KRRO. Wall Street Zen upgraded shares of Korro Bio from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of Korro Bio in a research note on Friday. Three equities research 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 issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.71.

Korro Bio Trading Up 3.4%

Shares of NASDAQ:KRRO opened at $9.97 on Tuesday. The firm has a market capitalization of $146.82 million, a PE ratio of -1.00 and a beta of 3.13. Korro Bio has a 1-year low of $5.20 and a 1-year high of $55.89. The business's 50 day moving average is $11.95 and its 200-day moving average is $12.22.

Korro Bio (NASDAQ:KRRO - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, beating analysts' consensus estimates of ($1.34) by $0.27. On average, sell-side analysts predict that Korro Bio will post -4.95 EPS for the current year.

Insider Buying and Selling

In other Korro Bio news, major shareholder Lynx1 Capital Management Lp bought 5,222 shares of the company's stock in a transaction on Thursday, August 6th. The stock was bought at an average price of $11.40 per share, for a total transaction of $59,530.80. Following the transaction, the insider owned 1,543,518 shares of the company's stock, valued at approximately $17,596,105.20. The trade was a 0.34% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jean Formela sold 28,468 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $14.00, for a total value of $398,552.00. Following the completion of the transaction, the director owned 141,053 shares in the company, valued at $1,974,742. This represents a 16.79% 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. Insiders sold a total of 38,269 shares of company stock valued at $532,064 over the last ninety days. Insiders own 4.80% of the company's stock.

Hedge Funds Weigh In On Korro Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC bought a new stake in Korro Bio in the second quarter valued at approximately $233,000. Nantahala Capital Management LLC acquired a new position in shares of Korro Bio in the 2nd quarter valued at $8,699,274. Bank of America Corp DE bought a new stake in shares of Korro Bio in the 2nd quarter valued at $681,000. ADAR1 Capital Management LLC bought a new stake in shares of Korro Bio in the 2nd quarter valued at $7,118,000. Finally, Ieq Capital LLC acquired a new stake in Korro Bio during the 2nd quarter worth $280,000. Institutional investors own 13.18% of the company's stock.

About Korro Bio

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.