Korro Bio (NASDAQ:KRRO) Sees Large Volume Increase – Still a Buy?

Korro Bio, Inc. (NASDAQ:KRRO) shares saw an uptick in trading volume on Wednesday . 108,785 shares traded hands during mid-day trading, an increase of 68% from the previous session’s volume of 64,935 shares.The stock last traded at $64.63 and had previously closed at $70.02.

Analyst Ratings Changes

Several brokerages have recently commented on KRRO. William Blair began coverage on Korro Bio in a report on Wednesday, August 14th. They issued an “outperform” rating and a $180.00 target price on the stock. Royal Bank of Canada boosted their price objective on shares of Korro Bio from $95.00 to $105.00 and gave the stock an “outperform” rating in a research report on Monday. HC Wainwright boosted their price objective on shares of Korro Bio from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, Raymond James began coverage on shares of Korro Bio in a research report on Monday. They issued a “strong-buy” rating and a $153.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Korro Bio has an average rating of “Buy” and a consensus price target of $142.17.

Korro Bio Trading Up 0.0 %

The firm’s 50-day simple moving average is $44.74 and its 200 day simple moving average is $47.67.

Korro Bio (NASDAQ:KRRO) last issued its earnings results on Tuesday, August 13th. The company reported ($2.43) EPS for the quarter, missing the consensus estimate of ($2.39) by ($0.04). On average, equities research analysts forecast that Korro Bio, Inc. will post -10.09 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Vineet Agarwal sold 10,216 shares of Korro Bio stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $78.26, for a total value of $799,504.16. The sale was disclosed in a document filed with the SEC, which is available at this link. 16.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Point72 Asset Management L.P. increased its holdings in shares of Korro Bio by 71.6% during the 2nd quarter. Point72 Asset Management L.P. now owns 456,085 shares of the company’s stock worth $15,448,000 after acquiring an additional 190,259 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in Korro Bio in the 2nd quarter valued at $3,958,000. Lynx1 Capital Management LP bought a new stake in Korro Bio in the 2nd quarter valued at $129,000. Millennium Management LLC boosted its stake in Korro Bio by 38.3% in the 2nd quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock valued at $2,852,000 after purchasing an additional 23,307 shares during the period. Finally, NEA Management Company LLC boosted its stake in Korro Bio by 1.7% in the 2nd quarter. NEA Management Company LLC now owns 1,090,793 shares of the company’s stock valued at $36,945,000 after purchasing an additional 17,857 shares during the period. 13.18% of the stock is owned by institutional investors and hedge funds.

Korro Bio Company Profile

Korro Bio, Inc, a biopharmaceutical company, engages in the discovery, development, and commercialization of genetic medicines based on editing RNA for the treatment of rare and highly prevalent diseases primarily in the United States. Its lead product candidate is KRRO-110 which is in preclinical trials for the treatment of Alpha-1 Antitrypsin Deficiency (AATD).