Royal Bank of Canada Issues Pessimistic Forecast for Korro Bio (NASDAQ:KRRO) Stock Price

Korro Bio (NASDAQ:KRRO) had its price target cut by equities researchers at Royal Bank of Canada from $105.00 to $95.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 293.78% from the company’s previous close.

KRRO has been the topic of several other research reports. HC Wainwright reissued a “buy” rating and issued a $115.00 price target on shares of Korro Bio in a report on Friday, November 22nd. Oppenheimer initiated coverage on shares of Korro Bio in a research note on Friday, January 10th. They issued an “outperform” rating and a $155.00 target price on the stock. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $142.57.

Korro Bio Trading Down 0.2 %

Shares of NASDAQ:KRRO traded down $0.05 during trading on Wednesday, reaching $24.13. The stock had a trading volume of 4,961 shares, compared to its average volume of 86,098. Korro Bio has a 52 week low of $18.50 and a 52 week high of $98.00. The stock has a fifty day simple moving average of $30.70 and a two-hundred day simple moving average of $41.82.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Tuesday, March 18th. The company reported ($2.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.33) by $0.07. The company had revenue of $2.27 million for the quarter. Equities analysts anticipate that Korro Bio will post -9.52 EPS for the current year.

Institutional Investors Weigh In On Korro Bio

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alliancebernstein L.P. acquired a new position in Korro Bio during the 4th quarter worth about $26,870,000. Driehaus Capital Management LLC lifted its position in Korro Bio by 220.3% during the 4th quarter. Driehaus Capital Management LLC now owns 494,905 shares of the company’s stock worth $18,841,000 after buying an additional 340,410 shares in the last quarter. Woodline Partners LP acquired a new position in Korro Bio during the 4th quarter worth about $3,887,000. Franklin Resources Inc. acquired a new position in Korro Bio during the 4th quarter worth about $3,493,000. Finally, Tri Locum Partners LP lifted its position in Korro Bio by 125.3% during the 4th quarter. Tri Locum Partners LP now owns 144,216 shares of the company’s stock worth $5,490,000 after buying an additional 80,202 shares in the last quarter. Institutional investors and hedge funds own 13.18% of the company’s stock.

About Korro Bio

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).