Korro Bio (NASDAQ:KRRO) Major Shareholder Acquires 2,510 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Lynx1 Capital Management Lp bought 2,510 shares of the business’s stock in a transaction dated Friday, October 23rd. The shares were acquired at an average cost of $12.11 per share, for a total transaction of $30,396.10. Following the purchase, the insider owned 1,599,665 shares of the company’s stock, valued at approximately $19,371,943.15. The trade was a 0.16% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company’s stock 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 shares were purchased at an average cost of $11.75 per share, for a total transaction of $295,207.00.
• On Thursday, October 22nd, Lynx1 Capital Management Lp purchased 52,175 shares of Korro Bio stock. The shares were acquired at an average cost of $10.72 per share, for a total transaction of $559,316.00.
• 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 acquired 5,222 shares of Korro Bio stock. The stock was bought at an average price of $11.40 per share, for a total transaction of $59,530.80.

Korro Bio Stock Up 0.3%

Shares of KRRO traded up $0.04 during mid-day trading on Monday, hitting $12.02. 179,938 shares of the company were exchanged, compared to its average volume of 183,916. Korro Bio, Inc. has a 1-year low of $5.20 and a 1-year high of $42.70. The company has a 50 day moving average of $11.38 and a 200-day moving average of $11.77.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.27. Sell-side analysts expect that Korro Bio, Inc. will post -4.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research note on Friday, October 2nd. HC Wainwright reissued a “buy” rating and set a $15.00 target price on shares of Korro Bio in a research note on Tuesday, October 6th. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Jefferies Financial Group set a $15.00 target price on shares of Korro Bio in a research report on Tuesday, October 6th. Three research 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.50.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Korro Bio in the 2nd quarter valued at $10,776,000. Affinity Asset Advisors LLC bought a new stake in shares of Korro Bio during the 1st quarter worth $8,002,000. Nantahala Capital Management LLC acquired a new position in shares of Korro Bio during the second quarter worth $8,699,274. ADAR1 Capital Management LLC bought a new position in shares of Korro Bio during the second quarter worth about $7,118,000. Finally, Kalehua Capital Management LLC bought a new position in shares of Korro Bio during the 1st quarter worth approximately $1,238,000. 13.18% of the stock is currently owned by institutional investors.

Korro Bio Company Profile

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.