Insider Buying: Korro Bio (NASDAQ:KRRO) Major Shareholder Acquires $559,316.00 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Lynx1 Capital Management Lp purchased 52,175 shares of the company’s stock in a transaction that occurred on Thursday, October 22nd. The stock was acquired at an average cost of $10.72 per share, for a total transaction of $559,316.00. Following the transaction, the insider owned 1,597,155 shares in the company, valued at $17,121,501.60. This represents a 3.38% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Lynx1 Capital Management Lp also recently made the following trade(s):

• On Monday, October 26th, Lynx1 Capital Management Lp purchased 25,124 shares of Korro Bio stock. The shares were purchased at an average cost of $11.75 per share, for a total transaction of $295,207.00.
• On Friday, October 23rd, Lynx1 Capital Management Lp bought 2,510 shares of Korro Bio stock. The shares were purchased at an average cost of $12.11 per share, for a total transaction of $30,396.10.
• On Monday, August 10th, Lynx1 Capital Management Lp bought 1,462 shares of Korro Bio stock. The shares were purchased at an average cost of $13.19 per share, for a total transaction of $19,283.78.
• On Thursday, August 6th, Lynx1 Capital Management Lp bought 5,222 shares of Korro Bio stock. The stock was acquired at an average price of $11.40 per share, for a total transaction of $59,530.80.

Korro Bio Stock Performance

Shares of KRRO stock traded up $0.04 during trading on Monday, hitting $12.02. The company’s stock had a trading volume of 179,938 shares, compared to its average volume of 183,916. The business has a fifty day moving average of $11.38 and a 200-day moving average of $11.77. Korro Bio, Inc. has a 52 week low of $5.20 and a 52 week high of $42.70.

Korro Bio (NASDAQ:KRRO) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.27. As a group, sell-side analysts expect that Korro Bio, Inc. will post -4.95 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on KRRO shares. HC Wainwright restated a “buy” rating and set a $15.00 price target on shares of Korro Bio in a research report on Tuesday, October 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research report on Friday, October 2nd. Jefferies Financial Group set a $15.00 target price on shares of Korro Bio in a research report on Tuesday, October 6th. Finally, Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in KRRO. BlackRock Inc. bought a new position in shares of Korro Bio during the 2nd quarter worth $10,776,000. Nantahala Capital Management LLC bought a new stake in Korro Bio in the 2nd quarter valued at about $8,699,274. Affinity Asset Advisors LLC bought a new stake in Korro Bio in the 1st quarter valued at about $8,002,000. ADAR1 Capital Management LLC purchased a new stake in Korro Bio during the second quarter valued at about $7,118,000. Finally, Renaissance Technologies LLC lifted its holdings in Korro Bio by 81.9% during the first quarter. Renaissance Technologies LLC now owns 136,227 shares of the company’s stock valued at $1,542,000 after purchasing an additional 61,327 shares during the last quarter. Institutional investors own 13.18% of the company’s stock.

About Korro Bio

Korro Bio, Inc is a clinical-stage biotechnology company developing RNA editing medicines for genetically driven diseases. The company’s approach is designed to make targeted changes to messenger RNA, potentially correcting or altering disease-related genetic instructions without permanently changing a patient’s DNA.

Korro Bio’s technology platform uses programmable oligonucleotides to guide RNA editing in specific cells and tissues. Its lead development program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene that can lead to liver and lung disease.