Korro Bio (NASDAQ:KRRO) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Korro Bio, Inc. (NASDAQ:KRRO) saw unusually-strong trading volume on Thursday . Approximately 47,617 shares changed hands during mid-day trading, a decline of 22% from the previous session’s volume of 60,954 shares.The stock last traded at $79.89 and had previously closed at $77.00.

Analyst Ratings Changes

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

Korro Bio Stock Performance

The business’s 50 day simple moving average is $42.25 and its two-hundred day simple moving average is $47.79.

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 the consensus estimate of ($2.39) by ($0.04). On average, equities research analysts predict that Korro Bio, Inc. will post -10.09 earnings per share for the current year.

Insider Transactions at Korro Bio

In related news, CFO Vineet Agarwal sold 10,216 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $78.26, for a total transaction of $799,504.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 16.80% of the company’s stock.

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. purchased a new position in shares of Korro Bio in the second quarter worth approximately $28,000. Lynx1 Capital Management LP purchased a new position in shares of Korro Bio during the 2nd quarter worth $129,000. Rhumbline Advisers bought a new stake in shares of Korro Bio during the 2nd quarter valued at $279,000. Atlas Venture Life Science Advisors LLC increased its stake in shares of 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 purchasing an additional 17,857 shares in the last quarter. Finally, NEA Management Company LLC lifted its position in Korro Bio by 1.7% during the second 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 in 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).