Nantahala Capital Management LLC Takes $8.70 Million Position in Korro Bio, Inc. $KRRO

Nantahala Capital Management LLC purchased a new stake in Korro Bio, Inc. (NASDAQ:KRRO) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 660,036 shares of the company’s stock, valued at approximately $8,699,274. Nantahala Capital Management LLC owned approximately 4.48% of Korro Bio at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KRRO. Russell Investments Group Ltd. acquired a new stake in Korro Bio in the third quarter valued at $39,000. Wells Fargo & Company MN grew its stake in shares of Korro Bio by 45.5% during the 4th 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 period. Bank of New York Mellon Corp grew its stake in shares of Korro Bio by 15.2% during the 1st quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock worth $246,000 after purchasing an additional 2,875 shares during the period. Millennium Management LLC increased its holdings in shares of Korro Bio by 1.8% in the 3rd quarter. Millennium Management LLC now owns 260,333 shares of the company’s stock valued at $12,467,000 after purchasing an additional 4,650 shares in the last quarter. Finally, Algert Global LLC purchased a new position in shares of Korro Bio in the 3rd quarter valued at about $340,000. Institutional investors and hedge funds own 13.18% of the company’s stock.

Korro Bio Stock Down 2.6%

NASDAQ:KRRO opened at $12.91 on Friday. Korro Bio, Inc. has a 52-week low of $5.20 and a 52-week high of $55.89. The stock has a fifty day simple moving average of $12.78 and a 200-day simple moving average of $12.27. The company has a market capitalization of $190.16 million, a PE ratio of -1.29 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, beating analysts’ consensus estimates 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%. As a group, equities analysts anticipate that Korro Bio, Inc. will post -4.97 earnings per share for the current year.

Analysts Set New Price Targets

KRRO has been the topic of several recent analyst reports. HC Wainwright restated a “buy” rating and set a $15.00 target price on shares of Korro Bio in a research report on Thursday, August 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research report on Monday, July 6th. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Finally, JonesTrading upgraded Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Three investment 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 issued a Sell rating to the company’s stock. According to MarketBeat, Korro Bio presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.71.

Insider Buying and Selling at Korro Bio

In related news, major shareholder Lynx1 Capital Management Lp acquired 5,222 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average price of $11.40 per share, for a total transaction of $59,530.80. Following the transaction, the insider owned 1,543,518 shares in the company, valued at $17,596,105.20. This trade represents a 0.34% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jean Francois Formela sold 28,468 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $14.00, for a total transaction of $398,552.00. Following the transaction, the director directly owned 141,053 shares in the company, valued at $1,974,742. The trade was a 16.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 318,925 shares of company stock worth $4,505,723 over the last ninety days. 4.80% of the stock is currently owned by company insiders.

Korro Bio Company Profile

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.