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

Korro Bio, Inc. (NASDAQ:KRRO) has earned a consensus rating of “Buy” from the six research firms that are covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $142.17.

Several equities research analysts have recently commented on the stock. Royal Bank of Canada raised their target price on shares of Korro Bio from $95.00 to $105.00 and gave the stock an “outperform” rating in a research report on Monday, October 21st. Raymond James started coverage on Korro Bio in a report on Monday, October 21st. They issued a “strong-buy” rating and a $153.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $115.00 price target on shares of Korro Bio in a report on Wednesday, November 13th. Finally, William Blair reiterated an “outperform” rating on shares of Korro Bio in a report on Wednesday, November 13th.

Korro Bio Trading Up 7.7 %

Shares of KRRO stock opened at $50.62 on Friday. The business’s fifty day moving average is $50.68 and its 200 day moving average is $46.54. 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 earnings results on Tuesday, November 12th. The company reported ($2.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.55) by $0.29. As a group, equities research analysts predict that Korro Bio will post -9.63 earnings per share for the current year.

Insider Activity at Korro Bio

In related news, CFO Vineet Agarwal sold 10,216 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $78.26, for a total transaction of $799,504.16. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in KRRO. Millennium Management LLC lifted its stake in Korro Bio by 38.3% in the second quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock worth $2,852,000 after acquiring an additional 23,307 shares during the period. Tri Locum Partners LP purchased a new position in Korro Bio in the second quarter worth $2,419,000. NEA Management Company LLC increased its position in Korro Bio by 1.7% during the 2nd quarter. NEA Management Company LLC now owns 1,090,793 shares of the company’s stock valued at $36,945,000 after buying an additional 17,857 shares in the last quarter. Atlas Venture Life Science Advisors LLC increased its holdings in shares of Korro Bio by 1.6% during the second quarter. Atlas Venture Life Science Advisors LLC now owns 1,137,149 shares of the company’s stock valued at $38,515,000 after acquiring an additional 17,857 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in Korro Bio by 71.6% during the 2nd quarter. Point72 Asset Management L.P. now owns 456,085 shares of the company’s stock valued at $15,448,000 after purchasing an additional 190,259 shares in the last quarter. 13.18% of the stock is currently owned by institutional investors.

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).