Korro Bio (NASDAQ:KRRO) Major Shareholder Purchases $59,530.80 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Lynx1 Capital Management Lp acquired 5,222 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were bought at an average price of $11.40 per share, for a total transaction of $59,530.80. Following the purchase, the insider owned 1,543,518 shares in the company, valued at approximately $17,596,105.20. This represents a 0.34% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own at least 10% 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, August 10th, Lynx1 Capital Management Lp bought 1,462 shares of Korro Bio stock. The stock was purchased at an average cost of $13.19 per share, with a total value of $19,283.78.

Korro Bio Stock Performance

KRRO traded up $0.24 during trading on Thursday, reaching $13.59. 49,061 shares of the stock were exchanged, compared to its average volume of 200,486. The stock has a market cap of $200.18 million, a P/E ratio of -1.36 and a beta of 3.04. Korro Bio, Inc. has a twelve month low of $5.20 and a twelve month high of $55.89. The stock’s 50 day moving average price is $12.30 and its two-hundred day moving average price is $12.16.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.27. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 114.26%. The firm had revenue of $1.50 million during the quarter, compared to analysts’ expectations of $0.21 million. Equities research analysts predict that Korro Bio, Inc. will post -4.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Korro Bio

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in shares of Korro Bio by 10.8% in the second quarter. Geode Capital Management LLC now owns 155,387 shares of the company’s stock worth $1,941,000 after purchasing an additional 15,166 shares in the last quarter. Raymond James Financial Inc. boosted its stake in 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 period. Bank of America Corp DE grew its holdings in Korro Bio by 520.0% during the 2nd quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock valued at $352,000 after buying an additional 23,615 shares in the last quarter. Vanguard Group Inc. lifted 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 buying an additional 8,921 shares in the last quarter. Finally, Blair William & Co. IL purchased a new stake in shares of Korro Bio in the third quarter worth $467,000. Institutional investors own 13.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on KRRO. HC Wainwright cut their price objective on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Citigroup assumed coverage on Korro Bio in a research note on Monday, May 18th. They set a “buy” rating and a $21.00 target price for the company. Finally, JonesTrading raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Three equities research 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 given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $16.71.

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.