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

Key Points

• Wall Street Zen upgraded Korro Bio from “strong sell” to “sell,” while the broader analyst consensus remains “Moderate Buy” with a $16.71 price target.
• Korro Bio reported a quarterly loss of $1.07 per share, beating estimates of $1.29, and revenue of $1.50 million versus the $0.21 million consensus estimate.
• The stock opened at $13.25 after rising 9.3%; insiders have sold approximately $4.31 million of shares over the past 90 days, while institutional ownership stands at 13.18%.

Korro Bio (NASDAQ:KRRO - Get Free Report) was upgraded by analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued on Saturday.

Other equities research analysts have also issued research reports about the stock. JonesTrading upgraded shares of Korro Bio from a "hold" rating to a "strong-buy" rating in a report on Friday, May 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Korro Bio in a research note on Monday, July 6th. Citigroup assumed coverage on shares of Korro Bio in a research report on Monday, May 18th. They set a "buy" rating and a $21.00 target price on the stock. Lifesci Capital raised shares of Korro Bio to a "strong-buy" rating in a research note on Friday, May 29th. Finally, HC Wainwright lowered their price target on Korro Bio from $20.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, May 19th. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Korro Bio currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.71.

Korro Bio Stock Up 9.3%

KRRO stock opened at $13.25 on Friday. Korro Bio has a twelve month low of $5.20 and a twelve month high of $55.89. The firm has a market cap of $191.06 million, a price-to-earnings ratio of -1.32 and a beta of 3.04. The business's fifty day simple moving average is $12.19 and its two-hundred day simple moving average is $12.06.

Korro Bio (NASDAQ:KRRO - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.29) by $0.22. The firm had revenue of $1.50 million during the quarter, compared to analyst estimates of $0.21 million. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 118.45%. Research analysts expect that Korro Bio will post -5.36 EPS for the current year.

Insider Buying and Selling

In related news, COO Todd Chappell sold 3,168 shares of the firm's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total transaction of $34,309.44. Following the sale, the chief operating officer owned 16,964 shares of the company's stock, valued at $183,720.12. This trade represents a 15.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jean Francois Formela sold 119,005 shares of Korro Bio stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $14.25, for a total value of $1,695,821.25. Following the completion of the transaction, the director owned 176,649 shares in the company, valued at $2,517,248.25. This trade represents a 40.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 306,026 shares of company stock valued at $4,309,637. 4.80% of the stock is owned by insiders.

Institutional Trading of Korro Bio

Hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Korro Bio in the 2nd quarter worth approximately $10,776,000. Affinity Asset Advisors LLC bought a new position in shares of Korro Bio during the 1st quarter worth approximately $8,002,000. Nantahala Capital Management LLC purchased a new stake in Korro Bio during the fourth quarter valued at approximately $4,806,000. ADAR1 Capital Management LLC purchased a new stake in Korro Bio during the first quarter valued at approximately $6,113,000. Finally, TCG Crossover Management LLC acquired a new stake in Korro Bio in the third quarter valued at approximately $19,937,000. 13.18% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source