Korro Bio initiated with a Buy at Citi

Citi initiated coverage of Korro Bio (KRRO) with a Buy rating and $21 price target While the shares sold off 60% on the “modest” Phase 1/2 REWRITE data, the readout provides “meaningful” proof of concept for Korro’s RNA editing approach, the analyst tells investors in a research note. The firm views the early data for both KRRO-121 and the company’s next generation alpha-1 antitrypsin deficiency program as encouraging. It sees a positive risk/reward at current share levels.