BlackRock Inc. Takes Position in Korro Bio, Inc. $KRRO

BlackRock Inc. purchased a new position in shares of Korro Bio, Inc. (NASDAQ:KRRO - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 817,621 shares of the company's stock, valued at approximately $10,776,000. BlackRock Inc. owned about 5.67% of Korro Bio at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Deutsche Bank AG purchased a new stake in shares of Korro Bio in the second quarter valued at approximately $210,000. Bank of New York Mellon Corp acquired a new position in Korro Bio during the second quarter worth $418,000. Walleye Capital LLC acquired a new stake in shares of Korro Bio in the 2nd quarter worth $716,000. ADAR1 Capital Management LLC purchased a new position in shares of Korro Bio during the 1st quarter worth $6,113,000. Finally, Quantinno Capital Management LP boosted its position in shares of Korro Bio by 30.4% during the 1st quarter. Quantinno Capital Management LP now owns 35,978 shares of the company's stock valued at $407,000 after acquiring an additional 8,381 shares during the last quarter. 13.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on KRRO. HC Wainwright reiterated a "buy" rating and issued a $15.00 target price on shares of Korro Bio in a report on Thursday, August 20th. Lifesci Capital upgraded Korro Bio to a "strong-buy" rating in a report on Friday, May 29th. Citigroup began coverage on Korro Bio in a research report on Monday, May 18th. They issued a "buy" rating and a $21.00 price objective for the company. Wall Street Zen upgraded Korro Bio from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Finally, JonesTrading upgraded shares of Korro Bio from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $16.71.

Insider Transactions at Korro Bio

In other Korro Bio 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 shares were purchased 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. The trade was a 0.34% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Todd Chappell sold 3,168 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total value of $34,309.44. Following the completion of the sale, the chief operating officer directly owned 16,964 shares in the company, valued at $183,720.12. This represents a 15.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 318,925 shares of company stock valued at $4,505,723. 4.80% of the stock is currently owned by insiders.

Korro Bio Stock Up 5.3%

Shares of NASDAQ KRRO opened at $12.24 on Friday. The stock has a market capitalization of $180.25 million, a PE ratio of -1.22 and a beta of 3.09. The firm has a fifty day moving average of $12.67 and a 200-day moving average of $12.27. Korro Bio, Inc. has a 52-week low of $5.20 and a 52-week high of $55.89.

Korro Bio (NASDAQ:KRRO - Get Free Report) last released its quarterly earnings data 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 fiscal year.

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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