Korro Bio’s (KRRO) Buy Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Korro Bio (NASDAQ:KRRO) in a research report report published on Tuesday morning, MarketBeat.com reports. HC Wainwright currently has a $15.00 price objective on the stock.

A number of other equities analysts have also issued reports on KRRO. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research report on Friday, October 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.50.

Korro Bio Price Performance

KRRO stock opened at $10.58 on Tuesday. The company has a market cap of $155.80 million, a price-to-earnings ratio of -1.06 and a beta of 3.13. The company has a fifty day moving average price of $11.95 and a 200 day moving average price of $12.20. Korro Bio has a 12 month low of $5.20 and a 12 month high of $55.89.

Korro Bio (NASDAQ:KRRO) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.27. As a group, analysts anticipate that Korro Bio will post -4.95 earnings per share for the current year.

Insider Transactions at Korro Bio

In other Korro Bio news, major shareholder Lynx1 Capital Management Lp bought 5,222 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $11.40 per share, with a total value of $59,530.80. Following the purchase, 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jean Formela sold 28,468 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $14.00, for a total value of $398,552.00. Following the completion of the sale, the director directly owned 141,053 shares of the company’s stock, valued at $1,974,742. This represents a 16.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 38,269 shares of company stock valued at $532,064. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of KRRO. Hsbc Holdings PLC acquired a new stake in Korro Bio in the second quarter valued at $233,000. Nantahala Capital Management LLC acquired a new position in shares of Korro Bio during the 2nd quarter worth $8,699,274. Bank of America Corp DE acquired a new position in shares of Korro Bio during the 2nd quarter worth $681,000. ADAR1 Capital Management LLC acquired a new position in shares of Korro Bio during the 2nd quarter worth $7,118,000. Finally, Ieq Capital LLC purchased a new position in shares of Korro Bio in the 2nd quarter valued at about $280,000. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Korro Bio Company Profile

Korro Bio, Inc is a biotechnology company developing RNA editing medicines for the treatment of genetic diseases. The company’s approach is designed to make targeted changes to messenger RNA (mRNA), potentially correcting disease-causing mutations without permanently altering a patient’s DNA.

Korro Bio’s technology platform, known as Oligonucleotide Promoted Editing of RNA, or OPERA, uses engineered oligonucleotides to guide naturally occurring cellular RNA-editing processes. The platform is intended to support the development of medicines for diseases involving the liver and other tissues.

The company’s lead clinical program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene.