Insider Buying: Korro Bio (NASDAQ:KRRO) Major Shareholder Acquires 207,100 Shares of Stock

by · The Markets Daily

Korro Bio, Inc. (NASDAQ:KRRO – Get Free Report) major shareholder Anthony Jr. Florence acquired 207,100 shares of Korro Bio stock in a transaction on Tuesday, March 10th. The shares were purchased at an average price of $11.11 per share, for a total transaction of $2,300,881.00. Following the completion of the purchase, the insider directly owned 1,297,893 shares of the company’s stock, valued at approximately $14,419,591.23. This represents a 18.99% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Korro Bio Stock Down 2.2%

Shares of KRRO stock traded down $0.26 on Thursday, reaching $11.50. The company had a trading volume of 92,041 shares, compared to its average volume of 184,676. The business’s 50-day moving average is $10.90 and its 200 day moving average is $20.23. The stock has a market capitalization of $108.33 million, a PE ratio of -1.22 and a beta of 2.98. Korro Bio, Inc. has a one year low of $5.20 and a one year high of $55.89.

Korro Bio (NASDAQ:KRRO – Get Free Report) last announced its quarterly earnings results on Thursday, March 12th. The company reported ($5.32) earnings per share (EPS) for the quarter. Korro Bio had a negative net margin of 1,199.53% and a negative return on equity of 68.87%. The business had revenue of $1.29 million during the quarter. On average, sell-side analysts forecast that Korro Bio, Inc. will post -9.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Korro Bio

A number of hedge funds have recently bought and sold shares of KRRO. XTX Topco Ltd raised its stake in Korro Bio by 31.1% during the 4th quarter. XTX Topco Ltd now owns 57,067 shares of the company’s stock valued at $457,000 after buying an additional 13,529 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of Korro Bio during the fourth quarter valued at approximately $217,000. Engineers Gate Manager LP purchased a new stake in Korro Bio in the 4th quarter worth $215,000. Guggenheim Capital LLC bought a new position in Korro Bio during the fourth quarter valued at approximately $84,000. Finally, Jain Global LLC purchased a new position in shares of Korro Bio in the fourth quarter valued at $85,000. Institutional investors own 13.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on KRRO. Raymond James Financial set a $18.00 price target on Korro Bio in a report on Wednesday, February 18th. HC Wainwright reaffirmed a “neutral” rating on shares of Korro Bio in a report on Thursday, November 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research report on Friday, January 9th. Cantor Fitzgerald downgraded Korro Bio from an “overweight” rating to a “neutral” rating in a research report on Thursday, November 13th. Finally, Piper Sandler cut Korro Bio from an “overweight” rating to a “neutral” rating and set a $11.00 price objective on the stock. in a research note on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $50.38.

Get Our Latest Analysis on Korro Bio

Korro Bio Company Profile

(Get Free Report)

Korro Bio, Inc is a clinical-stage biotechnology company focused on harnessing advanced protein engineering and synthetic biology to develop novel enzyme therapies and live microbial therapeutics. The company’s proprietary platform integrates directed evolution, high-throughput screening and computational design to optimize biological catalysts for a wide range of applications. By combining machine learning with experimental biology, Korro Bio seeks to accelerate the discovery and development of next-generation treatments for rare genetic disorders and complex metabolic diseases.

The company’s pipeline features both engineered enzyme therapeutics and live biotherapeutics.

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