Walleye Capital LLC Invests $716,000 in Korro Bio, Inc. $KRRO

Walleye Capital LLC bought a new stake in Korro Bio, Inc. (NASDAQ:KRRO) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 54,289 shares of the company’s stock, valued at approximately $716,000. Walleye Capital LLC owned about 0.38% of Korro Bio as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Affinity Asset Advisors LLC purchased a new position in shares of Korro Bio during the first quarter worth approximately $8,002,000. Nantahala Capital Management LLC purchased a new stake in shares of Korro Bio during the fourth quarter valued at approximately $4,806,000. ADAR1 Capital Management LLC purchased a new position in shares of Korro Bio in the first quarter worth $6,113,000. TCG Crossover Management LLC bought a new stake in Korro Bio in the 3rd quarter worth $19,937,000. Finally, Kalehua Capital Management LLC bought a new position in shares of Korro Bio during the first quarter valued at about $1,238,000. 13.18% of the stock is currently owned by institutional investors.

Insider Transactions at Korro Bio

In related news, major shareholder Lynx1 Capital Management Lp purchased 5,222 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was acquired at an average price of $11.40 per share, with a total value of $59,530.80. Following the completion of the acquisition, the insider 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jean Francois Formela sold 2,143 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $13.96, for a total transaction of $29,916.28. Following the completion of the sale, the director directly owned 145,937 shares of the company’s stock, valued at $2,037,280.52. This represents a 1.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 308,169 shares of company stock worth $4,339,553 over the last three months. 4.80% of the stock is currently owned by insiders.

Korro Bio Stock Performance

KRRO opened at $13.28 on Friday. The company’s 50-day simple moving average is $12.39 and its two-hundred day simple moving average is $12.19. Korro Bio, Inc. has a 52-week low of $5.20 and a 52-week high of $55.89. The stock has a market capitalization of $195.61 million, a P/E ratio of -1.33 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, beating 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 analysts’ expectations of $0.21 million. Research analysts forecast that Korro Bio, Inc. will post -4.97 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research note on Monday, July 6th. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Lifesci Capital upgraded shares of Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. Finally, Citigroup assumed coverage on Korro Bio in a research note on Monday, May 18th. They issued a “buy” rating and a $21.00 price target on the stock. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Korro Bio has an average rating of “Moderate Buy” and an average target price of $16.71.

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.