JPMorgan Chase & Co. Buys 196,079 Shares of Korro Bio, Inc. $KRRO

Key Points

• JPMorgan Chase boosted its stake in Korro Bio by 6,185.5% in Q3, buying 196,079 shares and bringing its total to 199,249 shares (about 2.12% of the company) valued at roughly $9.54 million.
• Major insiders Edward T. Mathers and Mohamad Makhzoumi each bought 207,100 shares on March 10, and insiders have purchased 1,656,800 shares in the last 90 days (about $18.4 million), raising insider ownership to 4.60%.
• Despite investor buying, Korro Bio remains unprofitable—reporting a Q4 EPS of ($5.32)

JPMorgan Chase & Co. grew its stake in Korro Bio, Inc. (NASDAQ:KRRO - Free Report) by 6,185.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 199,249 shares of the company's stock after purchasing an additional 196,079 shares during the period. JPMorgan Chase & Co. owned about 2.12% of Korro Bio worth $9,542,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new stake in Korro Bio in the third quarter valued at approximately $39,000. CWM LLC increased its holdings in shares of Korro Bio by 391.4% during the third quarter. CWM LLC now owns 2,693 shares of the company's stock worth $129,000 after buying an additional 2,145 shares in the last quarter. PNC Financial Services Group Inc. acquired a new position in shares of Korro Bio during the third quarter worth $140,000. Wealth Forward LLC bought a new position in shares of Korro Bio in the 3rd quarter valued at $240,000. Finally, Algert Global LLC bought a new position in shares of Korro Bio in the 3rd quarter valued at $340,000. 13.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, major shareholder Edward T. Mathers bought 207,100 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was acquired at an average price of $11.11 per share, with a total value of $2,300,881.00. Following the completion of the purchase, the insider directly owned 1,297,893 shares of the company's stock, valued at approximately $14,419,591.23. This represents a 18.99% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Mohamad Makhzoumi bought 207,100 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average price of $11.11 per share, for a total transaction of $2,300,881.00. Following the acquisition, the insider owned 1,297,893 shares of the company's stock, valued at $14,419,591.23. This trade represents a 18.99% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 1,656,800 shares of company stock worth $18,407,048. Corporate insiders own 4.60% of the company's stock.

Korro Bio Price Performance

Shares of KRRO opened at $10.40 on Monday. The business has a 50-day moving average of $11.48 and a 200-day moving average of $18.96. The company has a market capitalization of $150.00 million, a price-to-earnings ratio of -0.83 and a beta of 2.98. Korro Bio, Inc. has a 1 year low of $5.20 and a 1 year high of $55.89.

Korro Bio (NASDAQ:KRRO - Get Free Report) last announced its earnings results on Thursday, March 12th. The company reported ($5.32) EPS for the quarter, missing the consensus estimate of ($1.93) by ($3.39). The company had revenue of $1.29 million during the quarter, compared to the consensus estimate of $0.43 million. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 115.95%. As a group, sell-side analysts anticipate that Korro Bio, Inc. will post -9.52 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on KRRO. Cantor Fitzgerald upped their target price on Korro Bio from $21.00 to $22.00 and gave the stock an "overweight" rating in a report on Friday, March 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Korro Bio in a research report on Friday, January 9th. Chardan Capital raised shares of Korro Bio from a "neutral" rating to a "buy" rating and set a $15.00 price target for the company in a research note on Thursday, January 29th. Wall Street Zen lowered shares of Korro Bio from a "hold" rating to a "sell" rating in a report on Saturday, December 13th. Finally, Clear Str raised shares of Korro Bio from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 18th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Korro Bio currently has an average rating of "Moderate Buy" and an average target price of $37.29.

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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