Insider Buying: Korro Bio (NASDAQ:KRRO) Major Shareholder Purchases 52,175 Shares of Stock

Key Points

• Lynx1 Capital Management purchased 52,175 Korro Bio shares at an average of $10.72, investing $559,316 and increasing its ownership by 3.38% to 1.60 million shares.
• Korro Bio shares rose 0.3% to $12.02, while the company reported a quarterly loss of $1.07 per share—better than analysts’ expected loss of $1.34.
• Analyst sentiment is mixed but leans positive: Korro Bio has a consensus “Moderate Buy” rating and a $16.50 target price, compared with its current share price.

Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report) major shareholder Lynx1 Capital Management Lp acquired 52,175 shares of the stock in a transaction dated Thursday, October 22nd. The stock was purchased at an average cost of $10.72 per share, with a total value of $559,316.00. Following the purchase, the insider directly owned 1,597,155 shares of the company's stock, valued at $17,121,501.60. This trade represents a 3.38% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

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

• On Monday, October 26th, Lynx1 Capital Management Lp acquired 25,124 shares of Korro Bio stock. The stock was acquired at an average price of $11.75 per share, with a total value of $295,207.00.
• On Friday, October 23rd, Lynx1 Capital Management Lp bought 2,510 shares of Korro Bio stock. The shares were acquired at an average price of $12.11 per share, for a total transaction of $30,396.10.
• On Monday, August 10th, Lynx1 Capital Management Lp bought 1,462 shares of Korro Bio stock. The shares were acquired at an average cost of $13.19 per share, for a total transaction of $19,283.78.
• On Thursday, August 6th, Lynx1 Capital Management Lp bought 5,222 shares of Korro Bio stock. The shares were acquired at an average cost of $11.40 per share, for a total transaction of $59,530.80.

Korro Bio Trading Up 0.3%

NASDAQ KRRO traded up $0.04 on Monday, hitting $12.02. The company's stock had a trading volume of 179,938 shares, compared to its average volume of 183,916. Korro Bio, Inc. has a 1-year low of $5.20 and a 1-year high of $42.70. The company's 50-day moving average is $11.38 and its 200 day moving average is $11.77.

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 for the quarter, beating analysts' consensus estimates of ($1.34) by $0.27. As a group, equities analysts forecast that Korro Bio, Inc. will post -4.95 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on KRRO. HC Wainwright reissued a "buy" rating and issued a $15.00 price target on shares of Korro Bio in a research note on Tuesday, October 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Korro Bio in a research note on Friday, October 2nd. Wall Street Zen upgraded Korro Bio from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Jefferies Financial Group set a $15.00 target price on shares of Korro Bio in a research report on Tuesday, October 6th. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Korro Bio has a consensus rating of "Moderate Buy" and a consensus target price of $16.50.

Institutional Trading of Korro Bio

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Korro Bio in the second quarter worth approximately $10,776,000. Affinity Asset Advisors LLC bought a new stake in shares of Korro Bio in the 1st quarter valued at $8,002,000. Nantahala Capital Management LLC acquired a new position in shares of Korro Bio during the 2nd quarter valued at $8,699,274. ADAR1 Capital Management LLC acquired a new position in shares of Korro Bio during the 2nd quarter valued at $7,118,000. Finally, Renaissance Technologies LLC boosted its stake in Korro Bio by 81.9% during the first quarter. Renaissance Technologies LLC now owns 136,227 shares of the company's stock worth $1,542,000 after acquiring an additional 61,327 shares in the last quarter. Institutional investors own 13.18% of the company's stock.

About Korro Bio

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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