Royal Bank of Canada Has Lowered Expectations for Korro Bio (NASDAQ:KRRO) Stock Price

Korro Bio (NASDAQ:KRRO) had its price objective cut by stock analysts at Royal Bank of Canada from $105.00 to $95.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 333.79% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Oppenheimer initiated coverage on Korro Bio in a research note on Friday, January 10th. They issued an “outperform” rating and a $155.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $115.00 price target on shares of Korro Bio in a research note on Friday, November 22nd. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Korro Bio presently has a consensus rating of “Buy” and an average target price of $142.57.

Korro Bio Price Performance

KRRO opened at $21.90 on Wednesday. Korro Bio has a fifty-two week low of $18.50 and a fifty-two week high of $98.00. The stock has a fifty day moving average of $30.11 and a 200-day moving average of $41.56.

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

Institutional Investors Weigh In On Korro Bio

Hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System increased its position in Korro Bio by 997.3% during the 4th quarter. California State Teachers Retirement System now owns 4,850 shares of the company’s stock worth $185,000 after purchasing an additional 4,408 shares in the last quarter. Woodline Partners LP bought a new stake in shares of Korro Bio during the fourth quarter worth $3,887,000. Point72 Asset Management L.P. increased its holdings in shares of Korro Bio by 11.0% during the fourth quarter. Point72 Asset Management L.P. now owns 493,997 shares of the company’s stock worth $18,806,000 after buying an additional 49,147 shares in the last quarter. Polar Capital Holdings Plc bought a new position in shares of Korro Bio in the 4th quarter valued at $2,855,000. Finally, Nuveen Asset Management LLC lifted its stake in shares of Korro Bio by 153.4% in the 4th quarter. Nuveen Asset Management LLC now owns 28,295 shares of the company’s stock valued at $1,077,000 after acquiring an additional 17,131 shares during the last quarter. 13.18% of the stock is currently owned by institutional investors and hedge funds.

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).