Cormorant Asset Management LP Invests $6.62 Million in Korro Bio, Inc. $KRRO

Key Points

• Cormorant Asset Management LP has acquired 380,303 shares of Korro Bio, Inc. ($KRRO) valued at approximately $6.62 million, representing around 4.05% of the company's stock.
• Analyst ratings for Korro Bio show a consensus of "Buy," with target prices ranging from $25 to $90, indicating optimistic future potential despite recent price adjustments.
• Korro Bio recently reported losses in earnings per share (EPS) of ($2.74), missing the consensus estimate, while achieving higher-than-expected revenue of $1.46 million for the quarter.

Cormorant Asset Management LP bought a new stake in shares of Korro Bio, Inc. (NASDAQ:KRRO - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 380,303 shares of the company's stock, valued at approximately $6,621,000. Cormorant Asset Management LP owned about 4.05% of Korro Bio as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Quarry LP bought a new stake in Korro Bio in the first quarter worth $35,000. Wells Fargo & Company MN lifted its position in Korro Bio by 32.4% in the fourth quarter. Wells Fargo & Company MN now owns 3,392 shares of the company's stock worth $129,000 after buying an additional 831 shares during the last quarter. Deutsche Bank AG lifted its position in shares of Korro Bio by 29.4% during the fourth quarter. Deutsche Bank AG now owns 4,110 shares of the company's stock worth $156,000 after purchasing an additional 935 shares during the last quarter. AlphaQuest LLC lifted its position in shares of Korro Bio by 320.1% during the first quarter. AlphaQuest LLC now owns 9,196 shares of the company's stock worth $160,000 after purchasing an additional 7,007 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Korro Bio by 128,950.0% during the first quarter. GAMMA Investing LLC now owns 10,324 shares of the company's stock worth $180,000 after purchasing an additional 10,316 shares during the last quarter. 13.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

KRRO has been the subject of several research analyst reports. Oppenheimer decreased their target price on Korro Bio from $155.00 to $90.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Raymond James Financial decreased their target price on Korro Bio from $153.00 to $147.00 and set a "strong-buy" rating for the company in a research report on Wednesday, August 13th. Chardan Capital restated a "buy" rating and set a $25.00 price target on shares of Korro Bio in a research note on Wednesday, August 13th. Finally, HC Wainwright cut their price target on Korro Bio from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $86.83.

Korro Bio Stock Performance

KRRO traded up $1.87 on Tuesday, hitting $34.80. The company had a trading volume of 181,303 shares, compared to its average volume of 126,266. The stock has a fifty day moving average price of $17.58 and a 200-day moving average price of $16.95. Korro Bio, Inc. has a 12-month low of $10.29 and a 12-month high of $98.00. The stock has a market capitalization of $326.76 million, a price-to-earnings ratio of -3.56 and a beta of 2.66.

Korro Bio (NASDAQ:KRRO - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($2.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.54) by ($0.20). The business had revenue of $1.46 million during the quarter, compared to the consensus estimate of $0.41 million. Analysts forecast that Korro Bio, Inc. will post -9.52 EPS for the current fiscal 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).