Ally Bridge Group NY LLC Makes New Investment in Korro Bio, Inc. (NASDAQ:KRRO)

Ally Bridge Group NY LLC purchased a new stake in shares of Korro Bio, Inc. (NASDAQ:KRRO - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 70,678 shares of the company's stock, valued at approximately $2,691,000. Korro Bio comprises 2.3% of Ally Bridge Group NY LLC's portfolio, making the stock its 18th largest position. Ally Bridge Group NY LLC owned approximately 0.75% of Korro Bio as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. KLP Kapitalforvaltning AS purchased a new stake in Korro Bio during the fourth quarter worth about $53,000. AlphaQuest LLC lifted its stake in Korro Bio by 23.2% in the fourth quarter. AlphaQuest LLC now owns 2,189 shares of the company's stock worth $83,000 after acquiring an additional 412 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Korro Bio by 32.4% in 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. Legal & General Group Plc increased its holdings in Korro Bio by 664.1% in the fourth quarter. Legal & General Group Plc now owns 4,325 shares of the company's stock valued at $165,000 after buying an additional 3,759 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Korro Bio in the 4th quarter valued at about $211,000. 13.18% of the stock is currently owned by institutional investors and hedge funds.

Korro Bio Trading Down 3.1 %

Shares of NASDAQ:KRRO traded down $0.45 on Wednesday, reaching $14.35. 18,919 shares of the company were exchanged, compared to its average volume of 97,124. The company has a 50-day moving average of $18.29 and a 200-day moving average of $35.49. The firm has a market cap of $134.72 million, a price-to-earnings ratio of -1.54 and a beta of 2.66. Korro Bio, Inc. has a 1-year low of $11.13 and a 1-year high of $98.00.

Korro Bio (NASDAQ:KRRO - Get Free Report) last issued its earnings results on Tuesday, March 18th. The company reported ($2.26) earnings per share for the quarter, topping the consensus estimate of ($2.33) by $0.07. The company had revenue of $2.27 million for the quarter. As a group, analysts forecast that Korro Bio, Inc. will post -9.52 earnings per share for the current year.

Analyst Upgrades and Downgrades

KRRO has been the subject of several research analyst reports. Royal Bank of Canada lowered their target price on shares of Korro Bio from $105.00 to $95.00 and set an "outperform" rating for the company in a report on Wednesday, March 19th. HC Wainwright reiterated a "buy" rating and issued a $115.00 price objective on shares of Korro Bio in a research note on Thursday, March 20th. Cantor Fitzgerald raised shares of Korro Bio to a "strong-buy" rating in a report on Tuesday, April 29th. Oppenheimer began coverage on shares of Korro Bio in a research note on Friday, January 10th. They set an "outperform" rating and a $155.00 price target for the company. Finally, Chardan Capital initiated coverage on shares of Korro Bio in a report on Wednesday, April 16th. They issued a "buy" rating and a $25.00 target price for the company. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $114.63.

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).