Korro Bio (NASDAQ:KRRO) Receives "Buy" Rating from HC Wainwright

Key Points

• HC Wainwright reiterated its “Buy” rating on Korro Bio and maintained a $15 price target, implying 7.53% upside from the prior close.
• Analyst sentiment is generally positive but mixed: Korro Bio has a consensus “Moderate Buy” rating and an average target price of $16.71, while ratings range from “Strong Buy” to “Sell.”
• Korro Bio reported quarterly EPS of -$1.07, beating estimates of -$1.34, but remains deeply unprofitable; the stock opened at $13.95 and has traded between $5.20 and $55.89 over the past year.

Korro Bio (NASDAQ:KRRO - Get Free Report)'s stock had its "buy" rating reiterated by analysts at HC Wainwright in a note issued to investors on Thursday,Benzinga reports. They currently have a $15.00 price target on the stock. HC Wainwright's price objective indicates a potential upside of 7.53% from the stock's previous close.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Korro Bio in a research note on Monday, July 6th. Citigroup assumed coverage on Korro Bio in a research note on Monday, May 18th. They issued a "buy" rating and a $21.00 price objective on the stock. Wall Street Zen raised Korro Bio from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. JonesTrading upgraded Korro Bio from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 8th. Finally, Lifesci Capital raised Korro Bio to a "strong-buy" rating in a research note on Friday, May 29th. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $16.71.

Korro Bio Price Performance

Shares of Korro Bio stock opened at $13.95 on Thursday. The firm has a market capitalization of $205.48 million, a PE ratio of -1.40 and a beta of 3.04. The company's fifty day moving average price is $12.55 and its two-hundred day moving average price is $12.23. Korro Bio has a 52-week low of $5.20 and a 52-week high of $55.89.

Korro Bio (NASDAQ:KRRO - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.34) by $0.27. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 114.26%. Analysts predict that Korro Bio will post -4.97 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Lynx1 Capital Management Lp acquired 5,222 shares of the company's stock in a transaction dated Thursday, August 6th. The stock was bought at an average price of $11.40 per share, with a total value of $59,530.80. Following the completion of the acquisition, the insider owned 1,543,518 shares in the company, valued at approximately $17,596,105.20. This represents a 0.34% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ram Aiyar sold 15,152 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $12.98, for a total value of $196,672.96. Following the sale, the chief executive officer owned 74,848 shares in the company, valued at approximately $971,527.04. This trade represents a 16.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 308,169 shares of company stock valued at $4,339,553. Corporate insiders own 4.80% of the company's stock.

Institutional Trading of Korro Bio

Several large investors have recently made changes to their positions in KRRO. Kalehua Capital Management LLC acquired a new position in Korro Bio during the 1st quarter worth about $1,238,000. ADAR1 Capital Management LLC bought a new stake in Korro Bio during the 1st quarter worth about $6,113,000. Affinity Asset Advisors LLC acquired a new stake in Korro Bio in the 1st quarter valued at about $8,002,000. Renaissance Technologies LLC raised its stake in shares of Korro Bio by 81.9% in the first quarter. Renaissance Technologies LLC now owns 136,227 shares of the company's stock worth $1,542,000 after acquiring an additional 61,327 shares during the last quarter. Finally, Walleye Capital LLC acquired a new position in shares of Korro Bio during the second quarter worth approximately $716,000. Institutional investors own 13.18% of the company's stock.

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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