Korro Bio (NASDAQ:KRRO) Major Shareholder Buys $559,316.00 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Lynx1 Capital Management Lp purchased 52,175 shares of the company’s stock in a transaction dated Thursday, October 22nd. The stock was bought at an average price of $10.72 per share, with a total value of $559,316.00. Following the completion of the transaction, the insider directly owned 1,597,155 shares of the company’s stock, valued at approximately $17,121,501.60. This represents a 3.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, October 26th, Lynx1 Capital Management Lp purchased 25,124 shares of Korro Bio stock. The stock was bought at an average cost of $11.75 per share, with a total value of $295,207.00.
• On Friday, October 23rd, Lynx1 Capital Management Lp acquired 2,510 shares of Korro Bio stock. The shares were bought at an average price of $12.11 per share, for a total transaction of $30,396.10.
• On Monday, August 10th, Lynx1 Capital Management Lp acquired 1,462 shares of Korro Bio stock. The shares were bought at an average cost of $13.19 per share, for a total transaction of $19,283.78.
• On Thursday, August 6th, Lynx1 Capital Management Lp bought 5,222 shares of Korro Bio stock. The stock was bought at an average price of $11.40 per share, with a total value of $59,530.80.

Korro Bio Stock Up 4.2%

Shares of NASDAQ:KRRO opened at $13.86 on Thursday. Korro Bio, Inc. has a 52-week low of $5.20 and a 52-week high of $42.70. The stock has a market cap of $204.16 million, a P/E ratio of -1.39 and a beta of 3.13. The business has a fifty day moving average of $11.37 and a two-hundred day moving average of $11.84.

Korro Bio (NASDAQ:KRRO) last posted its quarterly 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. On average, equities analysts anticipate that Korro Bio, Inc. will post -4.95 earnings per share for the current year.

Institutional Investors Weigh In On Korro Bio

A number of institutional investors have recently made changes to their positions in KRRO. Bank of New York Mellon Corp raised its stake in shares of Korro Bio by 15.2% in the 1st quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock valued at $246,000 after acquiring an additional 2,875 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in shares of Korro Bio during the 3rd quarter worth approximately $54,000. Quantinno Capital Management LP boosted its position in shares of Korro Bio by 30.4% during the 1st quarter. Quantinno Capital Management LP now owns 35,978 shares of the company’s stock worth $407,000 after purchasing an additional 8,381 shares during the period. Deutsche Bank AG purchased a new position in shares of Korro Bio during the 2nd quarter worth approximately $210,000. Finally, Hsbc Holdings PLC acquired a new stake in Korro Bio in the 2nd quarter valued at approximately $233,000. 13.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

KRRO has been the topic of a number of analyst reports. Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Jefferies Financial Group set a $15.00 price target on shares of Korro Bio in a research note on Tuesday, October 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a report on Friday, October 2nd. Finally, HC Wainwright restated a “buy” rating and set a $15.00 price target on shares of Korro Bio in a report on Tuesday, October 6th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Korro Bio currently has an average rating of “Moderate Buy” and an average target price of $16.50.

About Korro Bio

Korro Bio, Inc is a clinical-stage biotechnology company developing RNA editing medicines for genetically driven diseases. The company’s approach is designed to make targeted changes to messenger RNA, potentially correcting or altering disease-related genetic instructions without permanently changing a patient’s DNA.

Korro Bio’s technology platform uses programmable oligonucleotides to guide RNA editing in specific cells and tissues. Its lead development program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene that can lead to liver and lung disease.