Insider Buying: Korro Bio (NASDAQ:KRRO) Major Shareholder Buys 207,100 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Paul Edward Walker acquired 207,100 shares of Korro Bio stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average cost of $11.11 per share, with a total value of $2,300,881.00. Following the completion of the acquisition, the insider owned 1,297,893 shares of the company’s stock, valued at $14,419,591.23. The trade was a 18.99% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Korro Bio Trading Down 2.2%

Shares of NASDAQ KRRO traded down $0.26 during midday trading on Thursday, reaching $11.50. 92,041 shares of the stock were exchanged, compared to its average volume of 184,676. The stock has a 50 day moving average price of $10.90 and a 200-day moving average price of $20.23. The company has a market capitalization of $108.33 million, a P/E ratio of -1.22 and a beta of 2.98. Korro Bio, Inc. has a 52-week low of $5.20 and a 52-week high of $55.89.

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

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of KRRO. Geode Capital Management LLC boosted its position in Korro Bio by 10.8% in the second quarter. Geode Capital Management LLC now owns 155,387 shares of the company’s stock valued at $1,941,000 after buying an additional 15,166 shares in the last quarter. Raymond James Financial Inc. boosted its position in shares of Korro Bio by 357.6% in the 2nd quarter. Raymond James Financial Inc. now owns 83,392 shares of the company’s stock worth $1,042,000 after purchasing an additional 65,170 shares during the last quarter. Bank of America Corp DE grew its position in shares of Korro Bio by 520.0% during the 2nd quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock worth $352,000 after buying an additional 23,615 shares during the period. CWM LLC increased its stake in Korro Bio by 391.4% in the third quarter. CWM LLC now owns 2,693 shares of the company’s stock valued at $129,000 after purchasing an additional 2,145 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in Korro Bio during the 3rd quarter worth $2,821,000. 13.18% of the stock is owned by institutional investors.

About Korro Bio

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.