Korro Bio (KRRO) stock plummeted on Thursday after the clinical-stage biopharmaceutical company announced results from a Phase 1/2a REWRITE clinical trial of KRRO-110, a functional protein designed to treat patients with Alpha-1 Antitrypsin Deficiency (AATD). AATD is a genetic disorder that affects the production of a protein called alpha-1 antitrypsin, which is needed to protect the lungs from enzymes released during inflammation.
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The big news here is that the study failed to meet its primary endpoint. As a result, Korro Bio has announced that there are no plans to complete additional SAD patient cohorts for KRRO-110. It has also shifted focus to KRRO-121 as its next development candidate. This is a treatment designed for patients with hyperammonemia, a condition in which there are excessive amounts of ammonia in the blood.
To go along with the failed clinical trial, Korro Bio announced major changes to its workforce. The company will cut 34% of jobs and suffer a one-time charge of $2.4 million. It has also announced the resignation of Chief Medical Officer Dr. Kemi Olugemo. These changes have extended the company’s cash runway into the second half of 2027, which will allow it to provide clinical data from KRRO-121.
Korro Bio Stock Movement Today
Korro Bio stock was down 78.07% in pre-market trading on Thursday, following a 4.21% drop yesterday. The shares have decreased 17.47% year-to-date and 36.78% over the past 12 months.
With today’s news came heavy trading of KRRO stock. This saw more than 1.5 million shares traded, compared to a three-month daily average of 268,000 units.
Is Korro Bio Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Korro Bio is Moderate Buy, based on two Buy and two Hold ratings over the past three months. With that comes an average KRRO stock price target of $93.50, representing a potential 197.58% upside for the shares.
