Korro Bio (NASDAQ:KRRO) Major Shareholder Acquires $19,283.78 in Stock

Key Points

• Lynx1 Capital Management purchased 1,462 Korro Bio shares for $19,283.78 at an average price of $13.19, increasing its ownership by 0.09% to 1.54 million shares. The firm also bought 5,222 shares earlier in August.
• Korro Bio shares rose 1.8% to $13.59, while the company reported a quarterly loss of $1.07 per share—better than the $1.34 expected—and revenue of $1.50 million versus the $0.21 million consensus.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $16.71, although ratings range from “Strong Buy” to “Sell.” Institutional investors own 13.18% of the company.

Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report) major shareholder Lynx1 Capital Management Lp acquired 1,462 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were purchased at an average price of $13.19 per share, for a total transaction of $19,283.78. Following the completion of the transaction, the insider directly owned 1,544,980 shares in the company, valued at approximately $20,378,286.20. This trade represents a 0.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

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

• On Thursday, August 6th, Lynx1 Capital Management Lp purchased 5,222 shares of Korro Bio stock. The stock was acquired at an average price of $11.40 per share, with a total value of $59,530.80.

Korro Bio Stock Up 1.8%

NASDAQ:KRRO traded up $0.24 on Thursday, reaching $13.59. 49,061 shares of the company's stock traded hands, compared to its average volume of 200,486. Korro Bio, Inc. has a 12 month low of $5.20 and a 12 month high of $55.89. The firm has a market cap of $200.18 million, a PE ratio of -1.36 and a beta of 3.04. The stock has a 50-day simple moving average of $12.30 and a 200-day simple moving average of $12.16.

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 (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%. The firm had revenue of $1.50 million for the quarter, compared to analysts' expectations of $0.21 million. On average, equities analysts anticipate that Korro Bio, Inc. will post -4.97 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on KRRO. Lifesci Capital raised shares of Korro Bio to a "strong-buy" rating in a research report on Friday, May 29th. JonesTrading upgraded Korro Bio from a "hold" rating to a "strong-buy" rating in a report on Friday, May 8th. Citigroup assumed coverage on Korro Bio in a research note on Monday, May 18th. They set a "buy" rating and a $21.00 price target on the stock. HC Wainwright dropped their target price on shares of Korro Bio from $20.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, May 19th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Korro Bio in a research note on Monday, July 6th. Three investment 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.71.

Institutional Investors Weigh In On Korro Bio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. acquired a new position in shares of Korro Bio during the third quarter valued at about $39,000. Wells Fargo & Company MN lifted its position in Korro Bio by 45.5% during the 4th quarter. Wells Fargo & Company MN now owns 7,522 shares of the company's stock worth $60,000 after acquiring an additional 2,352 shares during the period. Guggenheim Capital LLC purchased a new stake in Korro Bio during the 4th quarter valued at about $84,000. Jain Global LLC acquired a new position in shares of Korro Bio in the fourth quarter valued at about $85,000. Finally, Deutsche Bank AG lifted its holdings in shares of Korro Bio by 241.9% during the fourth quarter. Deutsche Bank AG now owns 12,758 shares of the company's stock worth $102,000 after purchasing an additional 9,027 shares during the period. 13.18% of the stock is currently owned by hedge funds and other institutional investors.

About Korro Bio

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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