Korro Bio, Inc. (NASDAQ:KRRO) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Korro Bio, Inc. (NASDAQ:KRRO) have received a consensus recommendation of “Buy” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $142.17.

A number of equities analysts have recently weighed in on KRRO shares. HC Wainwright reissued a “buy” rating and issued a $115.00 price target on shares of Korro Bio in a report on Friday, November 22nd. William Blair restated an “outperform” rating on shares of Korro Bio in a report on Wednesday, November 13th. Royal Bank of Canada lifted their price target on shares of Korro Bio from $95.00 to $105.00 and gave the stock an “outperform” rating in a report on Monday, October 21st. Finally, Raymond James initiated coverage on shares of Korro Bio in a research report on Monday, October 21st. They set a “strong-buy” rating and a $153.00 target price on the stock.

Insider Transactions at Korro Bio

In other news, CFO Vineet Agarwal sold 800 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $70.00, for a total transaction of $56,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. lifted its position in Korro Bio by 71.6% during the second quarter. Point72 Asset Management L.P. now owns 456,085 shares of the company’s stock valued at $15,448,000 after buying an additional 190,259 shares in the last quarter. Driehaus Capital Management LLC purchased a new stake in Korro Bio during the 2nd quarter worth $3,958,000. Tri Locum Partners LP acquired a new stake in Korro Bio in the 2nd quarter valued at $2,419,000. Millennium Management LLC raised its position in Korro Bio by 38.3% in the second quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock valued at $2,852,000 after purchasing an additional 23,307 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Korro Bio during the second quarter worth about $649,000. Institutional investors and hedge funds own 13.18% of the company’s stock.

Korro Bio Price Performance

Shares of NASDAQ KRRO opened at $42.84 on Friday. The company’s 50-day moving average price is $51.11 and its 200 day moving average price is $45.75. Korro Bio has a 52 week low of $30.00 and a 52 week high of $98.00.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.26) EPS for the quarter, beating the consensus estimate of ($2.55) by $0.29. Equities research analysts forecast that Korro Bio will post -9.63 earnings per share for the current fiscal year.

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).