Korro Bio (NASDAQ:KRRO) Announces Earnings Results, Beats Expectations By $0.04 EPS

Korro Bio (NASDAQ:KRRO) issued its earnings results on Thursday. The company reported ($1.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.73) by $0.04, FiscalAI reports. Korro Bio had a negative return on equity of 128.21% and a negative net margin of 1,834.48%.

Korro Bio Stock Performance

NASDAQ:KRRO traded down $0.84 on Friday, reaching $12.05. 242,259 shares of the stock traded hands, compared to its average volume of 81,897. The company’s 50 day moving average is $12.42 and its 200-day moving average is $13.71. Korro Bio has a 1-year low of $5.20 and a 1-year high of $55.89.

Analysts Set New Price Targets

A number of analysts have recently commented on KRRO shares. Clear Str raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. William Blair upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 17th. Raymond James Financial raised shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Friday, March 13th. Chardan Capital upgraded shares of Korro Bio from a “neutral” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Thursday, January 29th. Finally, Cantor Fitzgerald raised their price target on shares of Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Korro Bio presently has an average rating of “Moderate Buy” and an average price target of $37.29.

Insider Transactions at Korro Bio

In other news, major shareholder Edward T. Mathers acquired 207,100 shares of Korro Bio stock in a transaction dated Tuesday, March 10th. The shares were bought at an average cost of $11.11 per share, with a total value of $2,300,881.00. Following the purchase, the insider owned 1,297,893 shares in the company, valued at $14,419,591.23. This trade represents a 18.99% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Anthony A. Jr. Florence acquired 207,100 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were purchased at an average price of $11.11 per share, with a total value of $2,300,881.00. Following the completion of the transaction, the insider owned 1,297,893 shares of the company’s stock, valued at $14,419,591.23. This trade represents a 18.99% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have acquired 1,657,320 shares of company stock worth $18,412,560. Company insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in KRRO. Russell Investments Group Ltd. acquired a new position in shares of Korro Bio in the 3rd quarter valued at about $39,000. Wells Fargo & Company MN grew its stake in Korro Bio by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after purchasing an additional 2,352 shares during the period. Guggenheim Capital LLC bought a new stake in Korro Bio in the fourth quarter worth approximately $84,000. Jain Global LLC bought a new stake in Korro Bio in the fourth quarter worth approximately $85,000. Finally, Deutsche Bank AG lifted its stake in Korro Bio by 241.9% in the fourth quarter. Deutsche Bank AG now owns 12,758 shares of the company’s stock valued at $102,000 after buying an additional 9,027 shares during the period. 13.18% of the stock is owned by institutional investors.

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.