Raymond James Financial Lowers Korro Bio (NASDAQ:KRRO) Price Target to $147.00

Key Points

• Raymond James Financial has reduced Korro Bio's price target from $153.00 to $147.00 while maintaining a "strong-buy" rating on the stock.
• Multiple research firms have lowered their price targets for Korro Bio, with Oppenheimer dropping theirs from $155.00 to $90.00 and HC Wainwright also lowering theirs to $90.00.
• The stock has a current market capitalization of $150.16 million and has experienced significant price fluctuations, with a 52-week low of $10.29 and a high of $98.00.

Korro Bio (NASDAQ:KRRO - Get Free Report) had its target price decreased by equities researchers at Raymond James Financial from $153.00 to $147.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "strong-buy" rating on the stock.

Other analysts have also recently issued reports about the stock. Cantor Fitzgerald raised shares of Korro Bio to a "strong-buy" rating in a report on Tuesday, April 29th. Oppenheimer dropped their target price on shares of Korro Bio from $155.00 to $90.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. HC Wainwright dropped their target price on shares of Korro Bio from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, August 13th. Finally, Chardan Capital reissued a "buy" rating and set a $25.00 target price on shares of Korro Bio in a report 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 an average price target of $86.83.

Korro Bio Price Performance

KRRO traded down $0.54 during trading on Wednesday, hitting $19.72. The company had a trading volume of 162,738 shares, compared to its average volume of 115,044. The company has a market cap of $185.17 million, a PE ratio of -2.02 and a beta of 2.51. The business has a 50-day moving average of $14.32 and a 200-day moving average of $17.90. Korro Bio has a 1-year low of $10.29 and a 1-year high of $98.00.

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

Institutional Trading of Korro Bio

Institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP bought a new position in shares of Korro Bio during the first quarter worth about $35,000. Wells Fargo & Company MN grew its position in shares of Korro Bio by 32.4% during the fourth quarter. Wells Fargo & Company MN now owns 3,392 shares of the company's stock worth $129,000 after acquiring an additional 831 shares during the last quarter. Deutsche Bank AG grew its position in shares of Korro Bio by 29.4% during the fourth quarter. Deutsche Bank AG now owns 4,110 shares of the company's stock worth $156,000 after acquiring an additional 935 shares during the last quarter. AlphaQuest LLC grew its position in shares of Korro Bio by 320.1% during the first quarter. AlphaQuest LLC now owns 9,196 shares of the company's stock worth $160,000 after acquiring an additional 7,007 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Korro Bio by 664.1% during the fourth quarter. Legal & General Group Plc now owns 4,325 shares of the company's stock worth $165,000 after acquiring an additional 3,759 shares during the last quarter. 13.18% of the stock is owned by institutional investors and hedge funds.

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).