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

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

Wall Street Analysts Forecast Growth

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

Korro Bio Stock Down 11.4 %

The business has a fifty day moving average of $49.10 and a 200 day moving average of $46.85.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($2.43) EPS for the quarter, missing the consensus estimate of ($2.39) by ($0.04). Analysts expect that Korro Bio, Inc. will post -10.02 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vineet Agarwal sold 10,216 shares of Korro Bio 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Korro Bio

Several institutional investors have recently bought and sold shares of the company. Atlas Venture Life Science Advisors LLC raised its stake in shares of Korro Bio by 1.6% during 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. NEA Management Company LLC raised its stake 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 in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Korro Bio by 71.6% during the 2nd quarter. Point72 Asset Management L.P. now owns 456,085 shares of the company’s stock worth $15,448,000 after acquiring an additional 190,259 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in Korro Bio in the 2nd quarter valued at $3,958,000. Finally, Millennium Management LLC raised 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 acquiring an additional 23,307 shares during the period. 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).