Korro Bio, Inc. $KRRO Position Reduced by Atlas Venture Life Science Advisors LLC

Key Points

• Atlas Venture Life Science Advisors cut its Korro Bio stake by 15.3% in the second quarter, selling 174,265 shares and retaining 962,884 shares valued at approximately $12.7 million. Institutional investors collectively own 13.18% of KRRO.
• Korro Bio shares opened at $11.62, down 2.9%, with a 12-month range of $5.20 to $55.89. The company reported a quarterly loss of $1.07 per share, better than the $1.34 consensus estimate, but analysts expect a full-year loss of $4.97 per share.
• Analyst sentiment remains mixed but leans positive: KRRO has a consensus rating of “Moderate Buy” and a $16.71 target price, while recent insider activity included substantial selling over the past 90 days.

Atlas Venture Life Science Advisors LLC decreased its stake in shares of Korro Bio, Inc. (NASDAQ:KRRO - Free Report) by 15.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 962,884 shares of the company's stock after selling 174,265 shares during the quarter. Korro Bio makes up 1.4% of Atlas Venture Life Science Advisors LLC's portfolio, making the stock its 7th largest position. Atlas Venture Life Science Advisors LLC owned 6.54% of Korro Bio worth $12,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Kalehua Capital Management LLC purchased a new stake in Korro Bio in the first quarter worth about $1,238,000. ADAR1 Capital Management LLC bought a new position in Korro Bio during the 2nd quarter worth about $7,118,000. Affinity Asset Advisors LLC purchased a new position in Korro Bio during the 1st quarter valued at about $8,002,000. Renaissance Technologies LLC raised its holdings in shares of Korro Bio by 81.9% in the 1st quarter. Renaissance Technologies LLC now owns 136,227 shares of the company's stock valued at $1,542,000 after purchasing an additional 61,327 shares in the last quarter. Finally, Nantahala Capital Management LLC bought a new stake in shares of Korro Bio in the 2nd quarter valued at about $8,699,274. 13.18% of the stock is owned by hedge funds and other institutional investors.

Korro Bio Trading Down 2.9%

Shares of KRRO stock opened at $11.62 on Friday. Korro Bio, Inc. has a 12-month low of $5.20 and a 12-month high of $55.89. The business's fifty day simple moving average is $12.67 and its 200-day simple moving average is $12.27. The company has a market cap of $171.16 million, a PE ratio of -1.16 and a beta of 3.09.

Korro Bio (NASDAQ:KRRO - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.34) by $0.27. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 114.26%. On average, equities analysts forecast that Korro Bio, Inc. will post -4.97 earnings per share for the current year.

Insider Transactions at Korro Bio

In other news, COO Todd Chappell sold 3,168 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total value of $34,309.44. Following the transaction, the chief operating officer directly owned 16,964 shares of the company's stock, valued at approximately $183,720.12. This represents a 15.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Lynx1 Capital Management Lp acquired 5,222 shares of Korro Bio stock in a transaction dated Thursday, August 6th. The stock was purchased at an average price of $11.40 per share, with a total value of $59,530.80. Following the completion of the purchase, the insider owned 1,543,518 shares of the company's stock, valued at approximately $17,596,105.20. The trade was a 0.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have sold 318,925 shares of company stock worth $4,505,723. Insiders own 4.80% of the company's stock.

Analyst Upgrades and Downgrades

KRRO has been the subject of a number of recent research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Korro Bio in a research note on Monday, July 6th. Citigroup initiated coverage on Korro Bio in a research report on Monday, May 18th. They set a "buy" rating and a $21.00 target price on the stock. HC Wainwright reiterated a "buy" rating and issued a $15.00 price target on shares of Korro Bio in a report on Thursday, August 20th. Wall Street Zen raised Korro Bio from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, JonesTrading upgraded Korro Bio from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus 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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