Korro Bio (NASDAQ:KRRO) Shares Down 9.6% – What’s Next?

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

Analyst Ratings Changes

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

Korro Bio Trading Down 11.4 %

The company’s 50 day moving average price is $49.10 and its 200 day moving average price is $46.85.

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

Insider Activity

In related news, CFO Vineet Agarwal sold 10,216 shares of the stock in a transaction on Thursday, October 17th. The shares were 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 SEC, which can be accessed through the SEC website. Company insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On Korro Bio

Institutional investors have recently modified their holdings of the company. Brown Brothers Harriman & Co. purchased a new stake in Korro Bio in the second quarter valued at approximately $28,000. Quest Partners LLC grew its holdings in 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 purchasing an additional 1,124 shares during the period. Lynx1 Capital Management LP purchased a new stake in Korro Bio during the second quarter worth approximately $129,000. Rhumbline Advisers purchased a new stake in Korro Bio during the second quarter worth approximately $279,000. Finally, 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. Institutional investors and hedge funds 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).