Korro Bio (NASDAQ:KRRO) Announces Quarterly Earnings Results, Beats Estimates By $0.22 EPS

Korro Bio (NASDAQ:KRRO) issued its quarterly earnings results on Thursday. The company reported ($1.07) EPS for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.22, FiscalAI reports. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 118.45%. The business had revenue of $1.50 million for the quarter, compared to analysts’ expectations of $0.21 million.

Korro Bio Price Performance

Shares of KRRO traded up $1.13 during trading hours on Friday, hitting $13.25. The stock had a trading volume of 120,198 shares, compared to its average volume of 159,064. Korro Bio has a 1-year low of $5.20 and a 1-year high of $55.89. The firm has a market capitalization of $191.06 million, a P/E ratio of -1.32 and a beta of 3.04. The firm has a 50 day simple moving average of $12.19 and a 200-day simple moving average of $12.06.

Insider Transactions at Korro Bio

In other news, insider Loic A. Vincent sold 3,418 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total transaction of $37,016.94. Following the completion of the sale, the insider owned 18,297 shares in the company, valued at $198,156.51. The trade was a 15.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jean Francois Formela sold 9,323 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $13.96, for a total value of $130,149.08. Following the completion of the transaction, the director owned 146,305 shares in the company, valued at approximately $2,042,417.80. This represents a 5.99% decrease in their ownership of the stock. 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 ninety days, insiders sold 306,026 shares of company stock worth $4,309,637. 4.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Korro Bio

Several large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in Korro Bio by 10.8% during the 2nd quarter. Geode Capital Management LLC now owns 155,387 shares of the company’s stock worth $1,941,000 after purchasing an additional 15,166 shares in the last quarter. Raymond James Financial Inc. boosted its position in shares of Korro Bio by 357.6% during the second quarter. Raymond James Financial Inc. now owns 83,392 shares of the company’s stock valued at $1,042,000 after buying an additional 65,170 shares during the last quarter. Bank of America Corp DE grew its holdings in Korro Bio by 520.0% during the second quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock worth $352,000 after buying an additional 23,615 shares in the last quarter. Vanguard Group Inc. raised its position in Korro Bio by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock valued at $18,948,000 after buying an additional 8,921 shares during the last quarter. Finally, Blair William & Co. IL purchased a new position in Korro Bio during the 3rd quarter worth $467,000. Institutional investors own 13.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on KRRO. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. HC Wainwright cut their target price on Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Citigroup started coverage on Korro Bio in a research note on Monday, May 18th. They set a “buy” rating and a $21.00 target price for the company. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Lifesci Capital raised Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Korro Bio currently has an average rating of “Moderate Buy” and an average price target of $16.71.

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.