Korro Bio (NASDAQ:KRRO) Trading 6.1% Higher – Time to Buy?

Korro Bio, Inc. (NASDAQ:KRRO)’s share price rose 6.1% on Monday . The stock traded as high as $55.39 and last traded at $55.25. Approximately 9,618 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 70,157 shares. The stock had previously closed at $52.06.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Raymond James initiated coverage on Korro Bio in a research note on Monday, October 21st. They issued a “strong-buy” rating and a $153.00 target price on the stock. Royal Bank of Canada boosted their target price on shares of Korro Bio from $95.00 to $105.00 and gave the stock an “outperform” rating in a research report on Monday, October 21st. HC Wainwright reaffirmed a “buy” rating and issued a $115.00 price target on shares of Korro Bio in a research report on Friday, November 22nd. Finally, William Blair reissued an “outperform” rating on shares of Korro Bio in a report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $142.17.

Korro Bio Trading Down 4.1 %

The company has a fifty day moving average price of $52.45 and a two-hundred day moving average price of $46.48.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($2.26) EPS for the quarter, beating the consensus estimate of ($2.55) by $0.29. On average, analysts forecast that Korro Bio, Inc. will post -9.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Vineet Agarwal sold 800 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $70.00, for a total value of $56,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.40% of the company’s stock.

Institutional Trading of Korro Bio

Several hedge funds and other institutional investors have recently made changes to their positions in KRRO. Brown Brothers Harriman & Co. acquired a new stake in shares of Korro Bio during the second quarter worth $28,000. Quest Partners LLC raised its holdings in shares of Korro Bio by 172.1% during the third quarter. Quest Partners LLC now owns 1,777 shares of the company’s stock valued at $59,000 after purchasing an additional 1,124 shares during the period. Vestcor Inc acquired a new position in shares of Korro Bio during the third quarter valued at about $100,000. MetLife Investment Management LLC grew its stake in shares of Korro Bio by 129.0% in the 3rd quarter. MetLife Investment Management LLC now owns 3,639 shares of the company’s stock valued at $122,000 after buying an additional 2,050 shares during the period. Finally, Lynx1 Capital Management LP acquired a new position in Korro Bio during the 2nd quarter worth approximately $129,000. 13.18% of the stock is currently owned by institutional investors.

Korro Bio Company Profile

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).