Korro Bio, Inc. (NASDAQ:KRRO) Sees Significant Increase in Short Interest

18 Jan 2025, 03:35 by Tristan Rich · The Markets Daily

Korro Bio, Inc. (NASDAQ:KRRO – Get Free Report) was the target of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 653,900 shares, a growth of 50.1% from the December 15th total of 435,500 shares. Currently, 11.7% of the company’s stock are sold short. Based on an average daily trading volume, of 140,800 shares, the days-to-cover ratio is currently 4.6 days.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on KRRO shares. HC Wainwright restated a “buy” rating and issued a $115.00 price objective on shares of Korro Bio in a report on Friday, November 22nd. Raymond James began coverage on Korro Bio in a research note on Monday, October 21st. They issued a “strong-buy” rating and a $153.00 price target on the stock. Oppenheimer began coverage on Korro Bio in a research report on Friday, January 10th. They set an “outperform” rating and a $155.00 price objective for the company. William Blair reissued an “outperform” rating on shares of Korro Bio in a report on Wednesday, November 13th. Finally, Royal Bank of Canada raised their price target on Korro Bio from $95.00 to $105.00 and gave the company an “outperform” rating in a report on Monday, October 21st. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $144.00.

Get Our Latest Research Report on KRRO

Korro Bio Trading Up 0.1 %

Shares of NASDAQ:KRRO traded up $0.02 during midday trading on Friday, reaching $37.00. 58,033 shares of the company’s stock traded hands, compared to its average volume of 112,567. Korro Bio has a one year low of $30.00 and a one year high of $98.00. The stock has a 50 day moving average of $45.43 and a 200 day moving average of $46.05.

Korro Bio (NASDAQ:KRRO – Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($2.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.55) by $0.29. Sell-side analysts expect that Korro Bio will post -9.63 earnings per share for the current year.

Insider Buying and Selling at Korro Bio

In related news, CFO Vineet Agarwal sold 800 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $70.00, for a total value of $56,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its position in Korro Bio by 38.3% in the 2nd quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock worth $2,852,000 after purchasing an additional 23,307 shares during the period. Tri Locum Partners LP bought a new position in shares of Korro Bio during the 2nd quarter valued at $2,419,000. State Street Corp boosted its stake in shares of Korro Bio by 18.9% in the 3rd quarter. State Street Corp now owns 118,765 shares of the company’s stock worth $3,969,000 after buying an additional 18,877 shares during the last quarter. NEA Management Company LLC grew its holdings in shares of 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 acquiring an additional 17,857 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in Korro Bio during the third quarter valued at $436,000. Institutional investors own 13.18% of the company’s stock.

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