Korro Bio (NASDAQ:KRRO) Trading Down 5.1% – Should You Sell?

Korro Bio, Inc. (NASDAQ:KRRO)’s stock price dropped 5.1% during mid-day trading on Monday . The stock traded as low as $64.67 and last traded at $64.67. Approximately 20,334 shares were traded during trading, a decline of 69% from the average daily volume of 65,159 shares. The stock had previously closed at $68.15.

Wall Street Analyst Weigh In

KRRO has been the topic of several research analyst reports. Raymond James initiated coverage on shares of Korro Bio in a report on Monday, October 21st. They set a “strong-buy” rating and a $153.00 price target on the stock. William Blair initiated coverage on shares of Korro Bio in a report on Wednesday, August 14th. They set an “outperform” rating and a $180.00 price target on the stock. HC Wainwright boosted their price target on shares of Korro Bio from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, Royal Bank of Canada boosted their price target on shares of Korro Bio from $95.00 to $105.00 and gave the company an “outperform” rating in a report on Monday, October 21st. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Korro Bio presently has an average rating of “Buy” and a consensus price target of $142.17.

Korro Bio Stock Down 1.0 %

The stock’s fifty day moving average is $46.05 and its 200-day moving average is $47.03.

Korro Bio (NASDAQ:KRRO) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($2.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.39) by ($0.04). On average, analysts anticipate that Korro Bio, Inc. will post -10.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vineet Agarwal sold 10,216 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $78.26, for a total value of $799,504.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 16.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Atlas Venture Life Science Advisors LLC lifted its position in 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 acquiring an additional 17,857 shares during the last quarter. NEA Management Company LLC lifted its position in 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 acquiring an additional 17,857 shares during the last quarter. Point72 Asset Management L.P. lifted its position in 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 acquired a new position in Korro Bio during the 2nd quarter worth $3,958,000. Finally, Millennium Management LLC lifted its position in Korro Bio by 38.3% during the 2nd quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock worth $2,852,000 after acquiring an additional 23,307 shares during the last quarter. Institutional investors and hedge funds own 13.18% of the company’s stock.

About Korro Bio

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).