Ally Bridge Group NY LLC Takes $2.69 Million Position in Korro Bio, Inc. (NASDAQ:KRRO)

Ally Bridge Group NY LLC bought a new stake in Korro Bio, Inc. (NASDAQ:KRRO - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 70,678 shares of the company's stock, valued at approximately $2,691,000. Korro Bio makes up approximately 2.3% of Ally Bridge Group NY LLC's portfolio, making the stock its 18th largest position. Ally Bridge Group NY LLC owned about 0.75% of Korro Bio at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. AlphaQuest LLC boosted its position in shares of Korro Bio by 23.2% in the fourth quarter. AlphaQuest LLC now owns 2,189 shares of the company's stock valued at $83,000 after acquiring an additional 412 shares during the period. Bank of New York Mellon Corp lifted its stake in Korro Bio by 3.0% in the 4th quarter. Bank of New York Mellon Corp now owns 14,788 shares of the company's stock worth $563,000 after purchasing an additional 435 shares in the last quarter. Rhumbline Advisers boosted its holdings in Korro Bio by 7.8% in the 4th quarter. Rhumbline Advisers now owns 9,602 shares of the company's stock valued at $366,000 after purchasing an additional 691 shares during the period. Blair William & Co. IL grew its position in shares of Korro Bio by 5.7% during the 4th quarter. Blair William & Co. IL now owns 12,895 shares of the company's stock valued at $491,000 after purchasing an additional 695 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Korro Bio by 32.4% during the 4th quarter. Wells Fargo & Company MN now owns 3,392 shares of the company's stock valued at $129,000 after purchasing an additional 831 shares in the last quarter. 13.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. HC Wainwright reissued a "buy" rating and set a $115.00 price objective on shares of Korro Bio in a research note on Thursday, March 20th. Cantor Fitzgerald raised Korro Bio to a "strong-buy" rating in a report on Tuesday, April 29th. Chardan Capital began coverage on shares of Korro Bio in a research report on Wednesday, April 16th. They issued a "buy" rating and a $25.00 price objective on the stock. Oppenheimer initiated coverage on shares of Korro Bio in a research report on Friday, January 10th. They set an "outperform" rating and a $155.00 target price for the company. Finally, Royal Bank of Canada decreased their price target on shares of Korro Bio from $105.00 to $95.00 and set an "outperform" rating on the stock in a report on Wednesday, March 19th. Six research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Korro Bio presently has a consensus rating of "Buy" and an average target price of $114.63.

Korro Bio Trading Down 16.2 %

Shares of KRRO stock traded down $2.87 during trading hours on Tuesday, hitting $14.80. 111,636 shares of the company's stock were exchanged, compared to its average volume of 97,113. The company has a market capitalization of $138.99 million, a PE ratio of -1.58 and a beta of 2.66. Korro Bio, Inc. has a 12-month low of $11.13 and a 12-month high of $98.00. The business's 50 day simple moving average is $18.48 and its 200-day simple moving average is $35.64.

Korro Bio (NASDAQ:KRRO - Get Free Report) last issued its earnings results on Tuesday, March 18th. The company reported ($2.26) EPS for the quarter, topping analysts' consensus estimates of ($2.33) by $0.07. The business had revenue of $2.27 million during the quarter. Equities analysts anticipate that Korro Bio, Inc. will post -9.52 EPS for the current year.

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).