Walleye Capital LLC Purchases New Shares in Korro Bio, Inc. $KRRO

Walleye Capital LLC purchased a new position in Korro Bio, Inc. (NASDAQ:KRRO) in the 2nd quarter, HoldingsChannel reports. The firm purchased 54,289 shares of the company’s stock, valued at approximately $716,000.

Other large investors have also recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new stake in shares of Korro Bio in the third quarter valued at $39,000. Algert Global LLC purchased a new position in Korro Bio during the 3rd quarter valued at $340,000. Wells Fargo & Company MN lifted its position in shares of Korro Bio by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after purchasing an additional 2,352 shares during the last quarter. Alliancebernstein L.P. bought a new position in shares of Korro Bio in the third quarter worth about $369,000. Finally, Blair William & Co. IL bought a new position in Korro Bio in the 3rd quarter worth about $467,000. Institutional investors own 13.18% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research report on Monday, July 6th. Citigroup began coverage on shares of Korro Bio in a report on Monday, May 18th. They issued a “buy” rating and a $21.00 price target for the company. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a research report on Friday, May 29th. HC Wainwright dropped their price objective on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Finally, JonesTrading upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.71.

Korro Bio Price Performance

KRRO opened at $13.28 on Friday. The firm has a market capitalization of $195.61 million, a PE ratio of -1.33 and a beta of 3.04. The business’s 50-day moving average is $12.39 and its two-hundred day moving average is $12.19. Korro Bio, Inc. has a 1 year low of $5.20 and a 1 year high of $55.89.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, beating the consensus estimate of ($1.34) by $0.27. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 114.26%. The business had revenue of $1.50 million during the quarter, compared to analyst estimates of $0.21 million. As a group, sell-side analysts expect that Korro Bio, Inc. will post -4.97 EPS for the current year.

Insider Buying and Selling at Korro Bio

In other news, insider Loic A. Vincent sold 3,418 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total transaction of $37,016.94. Following the completion of the sale, the insider owned 18,297 shares in the company, valued at approximately $198,156.51. This represents a 15.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Lynx1 Capital Management Lp bought 5,222 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average price of $11.40 per share, for a total transaction of $59,530.80. Following the completion of the purchase, the insider owned 1,543,518 shares in the company, valued at $17,596,105.20. The trade was a 0.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders sold 308,169 shares of company stock valued at $4,339,553. Corporate insiders own 4.80% of the company’s stock.

About Korro Bio

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.