Insider Buying: Korro Bio (NASDAQ:KRRO) Major Shareholder Purchases $30,396.10 in Stock

Key Points

• Lynx1 Capital Management purchased 2,510 Korro Bio shares at $12.11 each, investing $30,396.10 and increasing its direct ownership to 1,599,665 shares. The investment manager has made several additional purchases recently.
• Korro Bio shares rose 0.3% to $12.02, trading near the company’s 50-day and 200-day moving averages. The stock has traded between $5.20 and $42.70 over the past year.
• Analysts collectively rate Korro Bio “Moderate Buy,” with a consensus price target of $16.50, while the company continues developing RNA-editing medicines, including its lead KRRO-110 program for alpha-1 antitrypsin deficiency.

Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report) major shareholder Lynx1 Capital Management Lp purchased 2,510 shares of Korro Bio stock in a transaction that occurred on Friday, October 23rd. The shares were bought at an average cost of $12.11 per share, for a total transaction of $30,396.10. Following the completion of the transaction, the insider directly owned 1,599,665 shares in the company, valued at $19,371,943.15. This represents a 0.16% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Lynx1 Capital Management Lp also recently made the following trade(s):

• On Monday, October 26th, Lynx1 Capital Management Lp bought 25,124 shares of Korro Bio stock. The stock was bought at an average price of $11.75 per share, for a total transaction of $295,207.00.
• On Thursday, October 22nd, Lynx1 Capital Management Lp purchased 52,175 shares of Korro Bio stock. The stock was acquired at an average cost of $10.72 per share, with a total value of $559,316.00.
• On Monday, August 10th, Lynx1 Capital Management Lp purchased 1,462 shares of Korro Bio stock. The shares were purchased at an average cost of $13.19 per share, with a total value of $19,283.78.
• On Thursday, August 6th, Lynx1 Capital Management Lp acquired 5,222 shares of Korro Bio stock. The stock was bought at an average cost of $11.40 per share, with a total value of $59,530.80.

Korro Bio Stock Up 0.3%

Shares of KRRO stock traded up $0.04 during midday trading on Monday, reaching $12.02. 179,938 shares of the company were exchanged, compared to its average volume of 183,916. The company's 50 day moving average price is $11.38 and its two-hundred day moving average price is $11.77. Korro Bio, Inc. has a 12 month low of $5.20 and a 12 month high of $42.70.

Korro Bio (NASDAQ:KRRO - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.27. On average, analysts forecast that Korro Bio, Inc. will post -4.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on KRRO shares. Wall Street Zen raised shares of Korro Bio from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. HC Wainwright reissued a "buy" rating and set a $15.00 target price on shares of Korro Bio in a report on Tuesday, October 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Korro Bio in a research report on Friday, October 2nd. Finally, Jefferies Financial Group set a $15.00 target price on shares of Korro Bio in a report on Tuesday, October 6th. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Korro Bio currently has an average rating of "Moderate Buy" and a consensus target price of $16.50.

Hedge Funds Weigh In On Korro Bio

Large investors have recently bought and sold shares of the stock. Deutsche Bank AG purchased a new stake in shares of Korro Bio in the 2nd quarter worth about $210,000. Hsbc Holdings PLC bought a new stake in shares of Korro Bio in the second quarter worth $233,000. Ieq Capital LLC purchased a new stake in shares of Korro Bio in the 2nd quarter worth $280,000. Bank of New York Mellon Corp grew its stake in shares of Korro Bio by 15.2% during the 1st quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company's stock valued at $246,000 after acquiring an additional 2,875 shares during the period. Finally, Quantinno Capital Management LP raised 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 purchasing an additional 8,381 shares during the period. 13.18% of the stock is owned by hedge funds and other institutional investors.

Korro Bio Company Profile

Korro Bio, Inc is a clinical-stage biotechnology company developing RNA editing medicines for genetically driven diseases. The company's approach is designed to make targeted changes to messenger RNA, potentially correcting or altering disease-related genetic instructions without permanently changing a patient's DNA.

Korro Bio's technology platform uses programmable oligonucleotides to guide RNA editing in specific cells and tissues. Its lead development program, KRRO-110, is being developed for alpha-1 antitrypsin deficiency, an inherited disorder caused by mutations in the SERPINA1 gene that can lead to liver and lung disease.

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