Korro Bio, Inc. (NASDAQ:KRRO) Receives Consensus Rating of "Buy" from Analysts

Key Points

• Korro Bio, Inc. has received a consensus rating of "Buy" from seven analysts, with an average price target of $86.83 over the next twelve months.
• Recent earnings results showed a loss of ($2.74) per share, which was below analysts' expectations, while the company reported $1.46 million in revenue for the quarter.
• Institutional investors are actively buying Korro Bio shares, with significant increases in ownership by firms such as Driehaus Capital Management and Point72 Asset Management.

Shares of Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report) have earned a consensus recommendation of "Buy" from the seven research firms that are presently covering the company, MarketBeat reports. Five analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $86.8333.

A number of equities analysts have commented on the company. Raymond James Financial reduced their price objective on Korro Bio from $153.00 to $147.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, August 13th. HC Wainwright reduced their price target on shares of Korro Bio from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, August 13th. Finally, Chardan Capital reissued a "buy" rating and set a $25.00 price objective on shares of Korro Bio in a report on Wednesday, August 13th.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Driehaus Capital Management LLC boosted its position in Korro Bio by 17.7% in the 1st quarter. Driehaus Capital Management LLC now owns 582,449 shares of the company's stock valued at $10,140,000 after buying an additional 87,544 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Korro Bio by 11.0% during the fourth quarter. Point72 Asset Management L.P. now owns 493,997 shares of the company's stock valued at $18,806,000 after acquiring an additional 49,147 shares during the period. Cormorant Asset Management LP bought a new position in Korro Bio in the first quarter valued at about $6,621,000. Geode Capital Management LLC increased its position in Korro Bio by 10.8% in the second quarter. Geode Capital Management LLC now owns 155,387 shares of the company's stock worth $1,941,000 after purchasing an additional 15,166 shares during the period. Finally, Woodline Partners LP bought a new stake in Korro Bio during the 4th quarter worth about $3,887,000. Institutional investors own 13.18% of the company's stock.

Korro Bio Stock Down 0.7%

Shares of KRRO stock traded down $0.21 during mid-day trading on Thursday, reaching $31.14. The stock had a trading volume of 95,948 shares, compared to its average volume of 232,563. The firm has a market cap of $292.40 million, a PE ratio of -3.19 and a beta of 2.66. Korro Bio has a one year low of $10.29 and a one year high of $98.00. The firm's 50 day simple moving average is $20.01 and its 200 day simple moving average is $17.34.

Korro Bio (NASDAQ:KRRO - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($2.74) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.54) by ($0.20). The firm had revenue of $1.46 million for the quarter, compared to the consensus estimate of $0.41 million. Sell-side analysts forecast that Korro Bio will post -9.52 earnings per share for the current fiscal year.

Korro Bio Company Profile

Korro Bio, Inc, a biopharmaceutical company, engages in the discovery, development, and commercialization of genetic medicines based on editing RNA for the treatment of rare and highly prevalent diseases primarily in the United States. Its lead product candidate is KRRO-110 which is in preclinical trials for the treatment of Alpha-1 Antitrypsin Deficiency (AATD).