Korro Bio Inc. (KRRO) PT Lowered to $95 at RBC Capital

RBC Capital analyst Luca Issi lowered the price target on Korro Bio Inc. (NASDAQ: KRRO) to $95.00 (from $105.00) while maintaining a Outperform rating.

The analyst comments "Story is on track, with lead candidate for A1AT poised to enter the clinic soon (regulatory filing in 2H24) and we think potential for best-in-class given the ~50µM serum AAT after a single dose in mice is materially above clinically relevant thresholds for current SOC. We also like 40% editing in NHPs and potential for higher editing efficiency in humans. Overall, we continue to like a reversible platform (RNA editing) with strategic interest (recent RHHBY, GSK, LLY deals for RNA editing) and a lead indication (A1AT) where a competitor that can only tackle lung was recently acquired for $2.2b (INBX/SNY). KRRO can tackle a broader market (both liver and lung) and we see potential upside into WVE's clinical data in 4Q. Lowering PT to $95 from $105 to reflect the Q."

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