Edward Mathers Acquires 207,100 Shares of Korro Bio (NASDAQ:KRRO) Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Edward Mathers bought 207,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average cost of $11.11 per share, for a total transaction of $2,300,881.00. Following the completion of the transaction, the insider directly owned 1,297,893 shares in the company, valued at approximately $14,419,591.23. This trade represents a 18.99% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Korro Bio Trading Down 2.2%

NASDAQ:KRRO traded down $0.26 during mid-day trading on Thursday, hitting $11.50. The company had a trading volume of 92,041 shares, compared to its average volume of 184,676. Korro Bio, Inc. has a 1 year low of $5.20 and a 1 year high of $55.89. The business has a fifty day simple moving average of $10.90 and a 200-day simple moving average of $20.23. The firm has a market capitalization of $108.33 million, a price-to-earnings ratio of -1.22 and a beta of 2.98.

Korro Bio (NASDAQ:KRRO) last released its earnings results on Thursday, March 12th. The company reported ($5.32) earnings per share for the quarter. The company had revenue of $1.29 million during the quarter. Korro Bio had a negative return on equity of 68.87% and a negative net margin of 1,199.53%. As a group, research analysts anticipate that Korro Bio, Inc. will post -9.52 earnings per share for the current year.

Analyst Upgrades and Downgrades

KRRO has been the subject of a number of recent analyst reports. Piper Sandler lowered Korro Bio from an “overweight” rating to a “neutral” rating and set a $11.00 price target for the company. in a research report on Thursday, November 13th. William Blair upgraded Korro Bio from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 17th. JonesTrading downgraded shares of Korro Bio from a “buy” rating to a “hold” rating in a research report on Friday, November 14th. Chardan Capital upgraded shares of Korro Bio from a “neutral” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Thursday, January 29th. Finally, HC Wainwright reissued a “neutral” rating on shares of Korro Bio in a research report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Korro Bio currently has an average rating of “Hold” and an average target price of $50.38.

Institutional Investors Weigh In On Korro Bio

A number of institutional investors and hedge funds have recently made changes to their positions in KRRO. Nantahala Capital Management LLC bought a new stake in Korro Bio during the 4th quarter worth about $4,806,000. TCG Crossover Management LLC acquired a new position in shares of Korro Bio in the 3rd quarter valued at $19,937,000. Vanguard Group Inc. increased its holdings in shares of Korro Bio by 2.3% in the third quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock worth $18,948,000 after acquiring an additional 8,921 shares in the last quarter. Polar Capital Holdings Plc raised its holdings in Korro Bio by 5.9% during the 3rd quarter. Polar Capital Holdings Plc now owns 264,694 shares of the company’s stock worth $12,676,000 after buying an additional 14,694 shares during the period. Finally, Millennium Management LLC lifted its position in Korro Bio by 1.8% in the 3rd quarter. Millennium Management LLC now owns 260,333 shares of the company’s stock valued at $12,467,000 after acquiring an additional 4,650 shares in the last quarter. Institutional investors own 13.18% of the company’s stock.

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.