660,036 Shares in Korro Bio, Inc. $KRRO Bought by Nantahala Capital Management LLC

Nantahala Capital Management LLC acquired a new stake in Korro Bio, Inc. (NASDAQ:KRRO) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 660,036 shares of the company’s stock, valued at approximately $8,699,274.

A number of other institutional investors have also recently added to or reduced their stakes in KRRO. Russell Investments Group Ltd. purchased a new position in Korro Bio in the third quarter valued at about $39,000. Wells Fargo & Company MN boosted its position in shares of Korro Bio by 45.5% in the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after buying an additional 2,352 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Korro Bio by 15.2% in the first quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock valued at $246,000 after buying an additional 2,875 shares in the last quarter. Millennium Management LLC grew its stake in shares of Korro Bio by 1.8% in the third quarter. Millennium Management LLC now owns 260,333 shares of the company’s stock valued at $12,467,000 after buying an additional 4,650 shares in the last quarter. Finally, Algert Global LLC purchased a new stake in shares of Korro Bio during the 3rd quarter valued at about $340,000. 13.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on KRRO. HC Wainwright reiterated a “buy” rating and issued a $15.00 price target on shares of Korro Bio in a research note on Thursday, August 20th. JonesTrading raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Citigroup began coverage on shares of Korro Bio in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 target price for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research note on Monday, July 6th. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.71.

Insider Transactions at Korro Bio

In related news, major shareholder Lynx1 Capital Management Lp bought 5,222 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were bought at an average cost of $11.40 per share, with a total value of $59,530.80. Following the completion of the transaction, the insider directly owned 1,543,518 shares of the company’s stock, valued at approximately $17,596,105.20. This trade represents a 0.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Todd Chappell sold 3,168 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.83, for a total transaction of $34,309.44. Following the sale, the chief operating officer directly owned 16,964 shares of the company’s stock, valued at $183,720.12. This represents a 15.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 318,925 shares of company stock valued at $4,505,723. 4.80% of the stock is currently owned by company insiders.

Korro Bio Stock Down 2.6%

KRRO stock opened at $12.91 on Friday. The company has a market capitalization of $190.16 million, a P/E ratio of -1.29 and a beta of 3.04. The company has a 50-day simple moving average of $12.78 and a 200 day simple moving average of $12.27. Korro Bio, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $55.89.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.27. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 114.26%. Equities analysts anticipate that Korro Bio, Inc. will post -4.97 EPS for the current year.

Korro Bio Company Profile

Korro Bio, Inc is a clinical-stage biotechnology company focused on harnessing advanced protein engineering and synthetic biology to develop novel enzyme therapies and live microbial therapeutics. The company’s proprietary platform integrates directed evolution, high-throughput screening and computational design to optimize biological catalysts for a wide range of applications. By combining machine learning with experimental biology, Korro Bio seeks to accelerate the discovery and development of next-generation treatments for rare genetic disorders and complex metabolic diseases.

The company’s pipeline features both engineered enzyme therapeutics and live biotherapeutics.