Korro Bio (NASDAQ:KRRO) Announces Quarterly Earnings Results

Korro Bio (NASDAQ:KRRO) announced its quarterly earnings results on Thursday. The company reported ($0.98) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.28, FiscalAI reports.

Korro Bio Price Performance

NASDAQ KRRO traded up $0.73 on Friday, hitting $15.46. The stock had a trading volume of 32,343 shares, compared to its average volume of 194,894. The business’s fifty day moving average price is $11.59 and its 200 day moving average price is $12.02. The stock has a market cap of $227.73 million, a price-to-earnings ratio of -1.55 and a beta of 3.23. Korro Bio has a 52-week low of $5.20 and a 52-week high of $36.79.

Insider Activity

In related news, Director Jean Formela sold 28,468 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $14.00, for a total transaction of $398,552.00. Following the transaction, the director directly owned 141,053 shares in the company, valued at $1,974,742. The trade was a 16.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Lynx1 Capital Management Lp bought 25,124 shares of Korro Bio stock in a transaction that occurred on Monday, October 26th. The shares were acquired at an average cost of $11.75 per share, for a total transaction of $295,207.00. Following the completion of the transaction, the insider directly owned 1,624,789 shares in the company, valued at $19,091,270.75. This represents a 1.57% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders acquired 81,271 shares of company stock worth $904,203 and sold 38,269 shares worth $532,064. Company insiders own 4.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on KRRO. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research note on Friday, October 2nd. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. HC Wainwright reiterated a “buy” rating and issued a $15.00 target price on shares of Korro Bio in a report on Tuesday, October 6th. Finally, Jefferies Financial Group set a $15.00 price target on shares of Korro Bio in a research report on Tuesday, October 6th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.50.

Korro Bio Company Profile

Korro Bio, Inc is a clinical-stage biotechnology company developing RNA editing medicines for genetically driven diseases. The company’s approach is designed to make targeted changes to messenger RNA, potentially correcting or altering disease-related genetic instructions without permanently changing a patient’s DNA.

Korro Bio’s technology platform uses programmable oligonucleotides to guide RNA editing in specific cells and tissues. Its lead development program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene that can lead to liver and lung disease.