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 company’s stock in a transaction that occurred on Monday, August 10th. The shares were acquired at an average price of $13.19 per share, with a total value of $19,283.78. Following the acquisition, the insider owned 1,544,980 shares in the company, valued at $20,378,286.20. This trade represents a 0.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s shares 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 acquired 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 Stock Down 0.1%

KRRO stock opened at $13.28 on Friday. The business’s fifty day simple moving average is $12.39 and its two-hundred day simple moving average is $12.19. Korro Bio, Inc. has a twelve month low of $5.20 and a twelve month high of $55.89. The firm has a market cap of $195.61 million, a price-to-earnings ratio of -1.33 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO) last released 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. The business had revenue of $1.50 million during the quarter, compared to the consensus estimate of $0.21 million. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%. Research analysts expect that Korro Bio, Inc. will post -4.97 EPS for the current year.

Institutional Trading of Korro Bio

Several hedge funds and other institutional investors have recently bought and sold shares of KRRO. BlackRock Inc. purchased a new position in shares of Korro Bio in the 2nd quarter valued at $10,776,000. Affinity Asset Advisors LLC purchased a new stake in shares of Korro Bio during the 1st quarter worth $8,002,000. Nantahala Capital Management LLC purchased a new stake in shares of Korro Bio during the 4th quarter worth $4,806,000. ADAR1 Capital Management LLC purchased a new stake in shares of Korro Bio during the 1st quarter worth $6,113,000. Finally, TCG Crossover Management LLC bought a new stake in Korro Bio during the third quarter valued at about $19,937,000. Institutional investors own 13.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. HC Wainwright decreased their price objective on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. JonesTrading upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Citigroup assumed coverage on shares of Korro Bio in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research note on Monday, July 6th. Finally, Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target 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.