Korro Bio (NASDAQ:KRRO) Shares Down 9.6% After Insider Selling

Korro Bio, Inc. (NASDAQ:KRRO)’s stock price dropped 9.6% during trading on Tuesday following insider selling activity. The stock traded as low as $66.08 and last traded at $66.41. Approximately 14,295 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 67,784 shares. The stock had previously closed at $73.50.

Specifically, CFO Vineet Agarwal sold 800 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $70.00, for a total transaction of $56,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Analyst Ratings Changes

A number of research analysts have recently commented on KRRO shares. Raymond James began 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 target for the company. William Blair restated an “outperform” rating on shares of Korro Bio in a research report on Wednesday. Royal Bank of Canada raised their price target on Korro Bio from $95.00 to $105.00 and gave the company an “outperform” rating in a report on Monday, October 21st. Finally, HC Wainwright reissued a “buy” rating and set a $115.00 price objective on shares of Korro Bio in a report on Wednesday. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Korro Bio presently has a consensus rating of “Buy” and a consensus target price of $142.17.

Korro Bio Price Performance

The company has a 50 day simple moving average of $49.77 and a 200-day simple moving average of $46.92.

Korro Bio (NASDAQ:KRRO) last issued its earnings results on Tuesday, November 12th. The company reported ($2.26) EPS for the quarter, topping analysts’ consensus estimates of ($2.55) by $0.29. As a group, equities analysts expect that Korro Bio, Inc. will post -10.02 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Brown Brothers Harriman & Co. bought a new stake in Korro Bio during the 2nd quarter valued at $28,000. Quest Partners LLC increased its position in shares of Korro Bio by 172.1% in the third quarter. Quest Partners LLC now owns 1,777 shares of the company’s stock valued at $59,000 after acquiring an additional 1,124 shares during the period. MetLife Investment Management LLC boosted its holdings in shares of Korro Bio by 129.0% during the third quarter. MetLife Investment Management LLC now owns 3,639 shares of the company’s stock worth $122,000 after purchasing an additional 2,050 shares during the period. Lynx1 Capital Management LP bought a new stake in shares of Korro Bio in the 2nd quarter worth approximately $129,000. Finally, BNP Paribas Financial Markets boosted its holdings in Korro Bio by 1,018.2% in the third quarter. BNP Paribas Financial Markets now owns 4,909 shares of the company’s stock valued at $164,000 after acquiring an additional 4,470 shares in the last quarter. Hedge funds and other institutional investors own 13.18% of the company’s stock.

About Korro Bio

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).