Korro Bio (NASDAQ:KRRO) Issues Earnings Results, Misses Expectations By $0.20 EPS

Key Points

• Korro Bio reported a quarterly earnings loss of ($2.74) per share, missing analysts' expectations by ($0.20).
• The company's revenue of $1.46 million surpassed forecasts of $0.41 million during the same quarter.
• Despite the earnings miss, Korro Bio's stock increased by 3.1%, reaching $15.52 in trading.

Korro Bio (NASDAQ:KRRO - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($2.74) earnings per share for the quarter, missing the consensus estimate of ($2.54) by ($0.20), Zacks reports. The business had revenue of $1.46 million during the quarter, compared to analysts' expectations of $0.41 million.

Korro Bio Stock Up 3.1%

NASDAQ:KRRO traded up $0.47 during trading hours on Tuesday, reaching $15.52. The company had a trading volume of 105,879 shares, compared to its average volume of 112,286. The business's 50-day simple moving average is $13.83 and its two-hundred day simple moving average is $18.36. Korro Bio has a twelve month low of $10.29 and a twelve month high of $98.00. The firm has a market cap of $145.69 million, a price-to-earnings ratio of -1.65 and a beta of 2.51.

Hedge Funds Weigh In On Korro Bio

A hedge fund recently raised its stake in Korro Bio stock. Geode Capital Management LLC grew its position in shares of Korro Bio, Inc. (NASDAQ:KRRO - Free Report) by 10.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 155,387 shares of the company's stock after purchasing an additional 15,166 shares during the quarter. Geode Capital Management LLC owned approximately 1.65% of Korro Bio worth $1,941,000 as of its most recent SEC filing. 13.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

KRRO has been the subject of a number of research reports. Oppenheimer lowered their target price on Korro Bio from $155.00 to $90.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. HC Wainwright reaffirmed a "buy" rating and issued a $100.00 target price on shares of Korro Bio in a report on Thursday, July 24th. Cantor Fitzgerald upgraded Korro Bio to a "strong-buy" rating in a report on Tuesday, April 29th. Finally, Chardan Capital restated a "buy" rating and issued a $25.00 price objective on shares of Korro Bio in a research note on Tuesday, May 13th. Five equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $102.43.

About Korro Bio

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).

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