Korro Bio (NASDAQ:KRRO) Stock Price Up 10.9% – Here’s What Happened

Korro Bio, Inc. (NASDAQ:KRRO) shares rose 10.9% on Thursday . The company traded as high as $76.79 and last traded at $73.92. Approximately 26,924 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 67,017 shares. The stock had previously closed at $66.63.

Analysts Set New Price Targets

Several equities analysts have recently commented on KRRO shares. Royal Bank of Canada boosted their price objective on Korro Bio from $95.00 to $105.00 and gave the company an “outperform” rating in a research report on Monday, October 21st. Raymond James assumed coverage on shares of Korro Bio in a research report on Monday, October 21st. They set a “strong-buy” rating and a $153.00 price objective on the stock. HC Wainwright increased their price target on Korro Bio from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, William Blair started coverage on Korro Bio in a report on Wednesday, August 14th. They issued an “outperform” rating and a $180.00 price target 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. According to MarketBeat, Korro Bio presently has a consensus rating of “Buy” and a consensus target price of $142.17.

Korro Bio Trading Up 8.9 %

The company has a fifty day moving average price of $47.75 and a two-hundred day moving average price of $46.83.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($2.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.39) by ($0.04). Research analysts predict that Korro Bio, Inc. will post -10.02 earnings per share for the current year.

Insider Activity

In other news, CFO Vineet Agarwal sold 10,216 shares of the business’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $78.26, for a total value of $799,504.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.40% of the company’s stock.

Institutional Trading of Korro Bio

A number of institutional investors have recently added to or reduced their stakes in KRRO. Millennium Management LLC lifted 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 buying an additional 23,307 shares in the last quarter. Tri Locum Partners LP purchased a new position in shares of Korro Bio in the 2nd quarter worth $2,419,000. NEA Management Company LLC grew its holdings in shares of Korro Bio by 1.7% during the 2nd quarter. NEA Management Company LLC now owns 1,090,793 shares of the company’s stock worth $36,945,000 after purchasing an additional 17,857 shares during the period. Atlas Venture Life Science Advisors LLC grew its stake in Korro Bio by 1.6% during the second quarter. Atlas Venture Life Science Advisors LLC now owns 1,137,149 shares of the company’s stock worth $38,515,000 after buying an additional 17,857 shares during the period. Finally, Point72 Asset Management L.P. increased its holdings in Korro Bio by 71.6% in the 2nd quarter. Point72 Asset Management L.P. now owns 456,085 shares of the company’s stock valued at $15,448,000 after purchasing an additional 190,259 shares in the last quarter. Hedge funds and other institutional investors own 13.18% of the company’s stock.

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).