Korro Bio (NASDAQ:KRRO) Announces Quarterly Earnings Results

Key Points

• Korro Bio reported quarterly EPS of ($1.69), beating Wall Street expectations of ($1.73) by $0.04.
• The stock fell on Friday to $12.05, with trading volume well above average; the shares remain far below their 52-week high of $55.89.
• Insider buying has been notable, with major shareholders Edward T. Mathers and Forest Baskett each purchasing 207,100 shares, while analysts currently hold a Moderate Buy consensus rating with a $37.29 price target.

Korro Bio (NASDAQ:KRRO - Get Free Report) issued its earnings results on Thursday. The company reported ($1.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.73) by $0.04, FiscalAI reports. Korro Bio had a negative return on equity of 128.21% and a negative net margin of 1,834.48%.

Korro Bio Stock Performance

Shares of NASDAQ:KRRO traded down $0.84 during trading on Friday, reaching $12.05. 242,259 shares of the company traded hands, compared to its average volume of 81,897. Korro Bio has a 52-week low of $5.20 and a 52-week high of $55.89. The business's fifty day moving average is $12.42 and its 200-day moving average is $13.71.

Insider Activity at Korro Bio

In other Korro Bio news, major shareholder Edward T. Mathers bought 207,100 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The stock was bought at an average price of $11.11 per share, for a total transaction of $2,300,881.00. Following the completion of the acquisition, the insider directly owned 1,297,893 shares in the company, valued at $14,419,591.23. The trade was a 18.99% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Forest Baskett bought 207,100 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average price of $11.11 per share, with a total value of $2,300,881.00. Following the acquisition, the insider owned 1,297,893 shares of the company's stock, valued at $14,419,591.23. This represents a 18.99% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 1,657,320 shares of company stock valued at $18,412,560 over the last 90 days. Company insiders own 4.60% of the company's stock.

Hedge Funds Weigh In On Korro Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Nantahala Capital Management LLC bought a new position in shares of Korro Bio during the fourth quarter valued at approximately $4,806,000. TCG Crossover Management LLC bought a new position in shares of Korro Bio during the third quarter valued at approximately $19,937,000. Vanguard Group Inc. raised its holdings in shares of Korro Bio by 2.3% during the third quarter. Vanguard Group Inc. now owns 395,659 shares of the company's stock valued at $18,948,000 after acquiring an additional 8,921 shares in the last quarter. Polar Capital Holdings Plc raised its holdings in shares of Korro Bio by 5.9% during the third quarter. Polar Capital Holdings Plc now owns 264,694 shares of the company's stock valued at $12,676,000 after acquiring an additional 14,694 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Korro Bio by 1.8% during the third quarter. Millennium Management LLC now owns 260,333 shares of the company's stock valued at $12,467,000 after acquiring an additional 4,650 shares in the last quarter. Institutional investors own 13.18% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Korro Bio in a research note on Wednesday, April 8th. Chardan Capital raised Korro Bio from a "neutral" rating to a "buy" rating and set a $15.00 target price for the company in a research note on Thursday, January 29th. Cantor Fitzgerald upped their target price on Korro Bio from $21.00 to $22.00 and gave the stock an "overweight" rating in a research note on Friday, March 13th. Clear Str raised Korro Bio from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 18th. Finally, Wall Street Zen raised Korro Bio from a "strong sell" rating to a "sell" rating in a research note on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $37.29.

About Korro Bio

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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