ADAR1 Capital Management LLC Makes New $7.12 Million Investment in Korro Bio, Inc. $KRRO

Key Points

• ADAR1 Capital Management purchased 540,054 Korro Bio shares worth approximately $7.12 million, giving it a 3.67% stake. Institutional investors collectively own 13.18% of the company.
• Korro Bio insiders sold 336,637 shares valued at about $4.74 million over the past three months, including sales by the CEO and a director under tax-withholding and pre-arranged trading plans.
• The stock opened at $13.73, while analysts hold a “Moderate Buy” consensus and an average price target of $16.71. Korro Bio recently beat quarterly EPS estimates, reporting a loss of $1.07 per share versus the expected $1.34 loss.

ADAR1 Capital Management LLC purchased a new stake in shares of Korro Bio, Inc. (NASDAQ:KRRO - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 540,054 shares of the company's stock, valued at approximately $7,118,000. ADAR1 Capital Management LLC owned 3.67% of Korro Bio as of its most recent SEC filing.

Several other large investors have also made changes to their positions in KRRO. Kalehua Capital Management LLC bought a new stake in shares of Korro Bio during the first quarter valued at approximately $1,238,000. Affinity Asset Advisors LLC bought a new position in shares of Korro Bio during the first quarter worth $8,002,000. Renaissance Technologies LLC boosted its position in shares of Korro Bio by 81.9% during the first quarter. Renaissance Technologies LLC now owns 136,227 shares of the company's stock worth $1,542,000 after acquiring an additional 61,327 shares during the last quarter. Walleye Capital LLC purchased a new position in Korro Bio during the second quarter valued at $716,000. Finally, AIHC Capital Management Ltd purchased a new position in Korro Bio during the fourth quarter valued at $242,000. 13.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Korro Bio

In other news, CEO Ram Aiyar sold 15,152 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $12.98, for a total value of $196,672.96. Following the sale, the chief executive officer owned 74,848 shares of the company's stock, valued at approximately $971,527.04. This represents a 16.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jean Francois Formela sold 119,005 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $14.25, for a total transaction of $1,695,821.25. Following the completion of the sale, the director directly owned 176,649 shares in the company, valued at $2,517,248.25. This trade represents a 40.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 336,637 shares of company stock valued at $4,738,105. Insiders own 4.80% of the company's stock.

Korro Bio Price Performance

Shares of KRRO stock opened at $13.73 on Wednesday. The company has a market cap of $202.24 million, a PE ratio of -1.37 and a beta of 3.04. Korro Bio, Inc. has a 1 year low of $5.20 and a 1 year high of $55.89. The stock's 50 day simple moving average is $12.72 and its two-hundred day simple moving average is $12.24.

Korro Bio (NASDAQ:KRRO - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, topping analysts' consensus estimates 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%. Equities research analysts expect that Korro Bio, Inc. will post -4.97 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Lifesci Capital upgraded shares of Korro Bio to a "strong-buy" rating in a research note on Friday, May 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Korro Bio in a research report on Monday, July 6th. Citigroup began coverage on Korro Bio in a report on Monday, May 18th. They issued a "buy" rating and a $21.00 target price on the stock. Wall Street Zen upgraded Korro Bio from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, HC Wainwright reissued a "buy" rating and set a $15.00 price target on shares of Korro Bio in a research note on Thursday, August 20th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $16.71.

Korro Bio 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.

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