Korro Bio (NASDAQ:KRRO) Major Shareholder Acquires $19,283.78 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Lynx1 Capital Management Lp acquired 1,462 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was acquired at an average price of $13.19 per share, for a total transaction of $19,283.78. Following the purchase, the insider directly owned 1,544,980 shares of the company’s stock, valued at approximately $20,378,286.20. This trade represents a 0.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Lynx1 Capital Management Lp also recently made the following trade(s):

• On Thursday, August 6th, Lynx1 Capital Management Lp purchased 5,222 shares of Korro Bio stock. The stock was acquired at an average cost of $11.40 per share, for a total transaction of $59,530.80.

Korro Bio Trading Up 1.8%

Shares of NASDAQ KRRO traded up $0.24 during trading on Thursday, reaching $13.59. 49,061 shares of the company traded hands, compared to its average volume of 200,486. The stock has a market cap of $200.18 million, a P/E ratio of -1.36 and a beta of 3.04. The firm’s fifty day simple moving average is $12.30 and its 200 day simple moving average is $12.16. Korro Bio, Inc. has a 12-month low of $5.20 and a 12-month high of $55.89.

Korro Bio (NASDAQ:KRRO) last posted its earnings results on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.27. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%.The firm had revenue of $1.50 million for the quarter, compared to analyst estimates of $0.21 million. As a group, research analysts expect that Korro Bio, Inc. will post -4.97 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on KRRO. Citigroup began coverage on shares of Korro Bio in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 price target on the stock. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. HC Wainwright reduced their price target on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. Finally, JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.71.

Institutional Investors Weigh In On Korro Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in KRRO. Geode Capital Management LLC raised its position in shares of Korro Bio by 10.8% in the second quarter. Geode Capital Management LLC now owns 155,387 shares of the company’s stock valued at $1,941,000 after buying an additional 15,166 shares during the last quarter. Raymond James Financial Inc. grew its stake in Korro Bio by 357.6% during the 2nd quarter. Raymond James Financial Inc. now owns 83,392 shares of the company’s stock valued at $1,042,000 after acquiring an additional 65,170 shares in the last quarter. Bank of America Corp DE raised its holdings in Korro Bio by 520.0% in the 2nd quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock valued at $352,000 after acquiring an additional 23,615 shares during the last quarter. Vanguard Group Inc. lifted its stake in Korro Bio by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock worth $18,948,000 after purchasing an additional 8,921 shares in the last quarter. Finally, Blair William & Co. IL acquired a new position in shares of Korro Bio during the 3rd quarter worth approximately $467,000. Institutional investors and hedge funds own 13.18% of the company’s stock.

About Korro Bio

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.