Korro Bio (NASDAQ:KRRO) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Korro Bio from “sell” to “hold.” Across analysts, the stock has a “Moderate Buy” consensus rating and an average price target of $16.50.
• Korro Bio reported a quarterly loss of $0.98 per share, narrower than analysts’ expected loss of $1.26.
• Shares opened at $14.75; the stock has traded between $5.20 and $36.79 over the past 52 weeks.

Korro Bio (NASDAQ:KRRO - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

KRRO has been the topic of a number of other reports. Weiss Ratings restated a "sell (d-)" rating on shares of Korro Bio in a report on Friday, October 2nd. 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. Finally, Jefferies Financial Group set a $15.00 price target on Korro Bio in a research note on Tuesday, October 6th. Three research 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 issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.50.

Korro Bio Price Performance

Shares of Korro Bio stock opened at $14.75 on Friday. The company's fifty day moving average price is $11.62 and its two-hundred day moving average price is $12.06. Korro Bio has a 52-week low of $5.20 and a 52-week high of $36.79.

Korro Bio (NASDAQ:KRRO - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.98) earnings per share for the quarter, beating the consensus estimate of ($1.26) by $0.28. As a group, research analysts anticipate that Korro Bio will post -4.95 EPS for the current year.

Insider Buying and Selling at Korro Bio

In other news, Director Jean Formela sold 28,468 shares of the company'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 transaction, the director owned 141,053 shares of the company's stock, valued at $1,974,742. This represents a 16.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Oliver Dolan sold 7,347 shares of Korro Bio stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $13.51, for a total transaction of $99,257.97. Following the completion of 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have purchased 81,271 shares of company stock worth $904,203 and have sold 38,269 shares worth $532,064. 4.80% of the stock is currently owned by insiders.

Institutional Trading of Korro Bio

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Korro Bio during the second quarter worth about $10,776,000. Affinity Asset Advisors LLC purchased a new stake in shares of Korro Bio during the 1st quarter valued at $8,002,000. Nantahala Capital Management LLC bought a new position in Korro Bio in the 2nd quarter worth $8,699,274. ADAR1 Capital Management LLC purchased a new position in Korro Bio in the 2nd quarter worth about $7,118,000. Finally, Renaissance Technologies LLC grew its position in shares of Korro Bio by 81.9% during the first quarter. Renaissance Technologies LLC now owns 136,227 shares of the company's stock valued at $1,542,000 after purchasing an additional 61,327 shares in the last quarter. 13.18% of the stock is currently owned by institutional investors and hedge funds.

Korro Bio Company Profile

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.

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