Insider Buying: Korro Bio (NASDAQ:KRRO) Major Shareholder Acquires $59,530.80 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Lynx1 Capital Management Lp purchased 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 directly owned 1,543,518 shares in the company, valued at $17,596,105.20. This represents a 0.34% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, August 10th, Lynx1 Capital Management Lp acquired 1,462 shares of Korro Bio stock. The stock was acquired at an average price of $13.19 per share, with a total value of $19,283.78.

Korro Bio Trading Down 0.1%

Korro Bio stock opened at $13.28 on Friday. The firm has a 50 day simple moving average of $12.39 and a 200 day simple moving average of $12.19. Korro Bio, Inc. has a 1-year low of $5.20 and a 1-year high of $55.89. The firm has a market capitalization of $195.61 million, a price-to-earnings ratio of -1.33 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO) last posted its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.27. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%.The firm had revenue of $1.50 million for the quarter, compared to the consensus estimate of $0.21 million. On average, equities research analysts forecast that Korro Bio, Inc. will post -4.97 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on KRRO shares. JonesTrading upgraded Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research report on Monday, July 6th. Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, HC Wainwright lowered their target price 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. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.71.

Hedge Funds Weigh In On Korro Bio

Institutional investors have recently added to or reduced their stakes in the business. ADAR1 Capital Management LLC purchased a new stake in shares of Korro Bio in the 2nd quarter valued at about $7,118,000. Hsbc Holdings PLC bought a new stake in shares of Korro Bio during the 2nd quarter valued at about $233,000. Ieq Capital LLC purchased a new position in shares of Korro Bio during the second quarter worth about $280,000. BlackRock Inc. purchased a new position in shares of Korro Bio during the second quarter worth about $10,776,000. Finally, Deutsche Bank AG bought a new position in shares of Korro Bio in the second quarter worth approximately $210,000. 13.18% of the stock is currently owned by institutional investors.

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.