Oppenheimer upgrades Korro Bio to Outperform as KRRO-121 offers fresh story

As previously reported, Oppenheimer upgraded Korro Bio (KRRO) to Outperform from Perform with a $22 price target Following the failure of the KRRO-110 AATD program, likely due to the LNP/delivery approach, Korro’s focus turns to urea cycle disorders caused by elevated ammonia levels and characterized by a high unmet need. KRRO-121 introduces a mutation via RNA editing, leading to glutamine synthetase stabilization and consequently ammonia lowering. Provided that KRRO-121 is fundamentally different from KRRO-110, Oppenheimer believes the company’s probability of success is now reset and that KRRO-121 offers a fresh, interesting story wherein RNA editing can thrive. The firm sees potential for significant upside.