Korro Bio (NASDAQ:KRRO) Stock Price Down 4.1% Following Insider Selling

Korro Bio, Inc. (NASDAQ:KRRO) was down 4.1% on Friday following insider selling activity. The stock traded as low as $76.39 and last traded at $76.73. Approximately 62,106 shares changed hands during trading, a decline of 1% from the average daily volume of 62,645 shares. The stock had previously closed at $80.01.

Specifically, CFO Vineet Agarwal sold 10,216 shares of the company’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $78.26, for a total transaction of $799,504.16. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on KRRO shares. William Blair began coverage on Korro Bio in a report on Wednesday, August 14th. They set an “outperform” rating and a $180.00 price objective for the company. HC Wainwright boosted their target price on Korro Bio from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $95.00 price objective on shares of Korro Bio in a report on Thursday, September 19th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $138.00.

Korro Bio Price Performance

The stock has a 50-day moving average of $42.25 and a two-hundred day moving average of $47.55.

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

Hedge Funds Weigh In On Korro Bio

Several hedge funds and other institutional investors have recently modified their holdings of the company. Brown Brothers Harriman & Co. bought a new position in shares of Korro Bio in the second quarter worth about $28,000. Lynx1 Capital Management LP purchased a new position in Korro Bio during the second quarter valued at $129,000. Rhumbline Advisers purchased a new position in shares of Korro Bio during the second quarter valued at about $279,000. Atlas Venture Life Science Advisors LLC increased its stake in Korro Bio by 1.6% in the 2nd quarter. Atlas Venture Life Science Advisors LLC now owns 1,137,149 shares of the company’s stock worth $38,515,000 after acquiring an additional 17,857 shares during the last quarter. Finally, NEA Management Company LLC increased its position in Korro Bio by 1.7% in the second 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 last quarter. 13.18% of the stock is owned by institutional investors.

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).