Korro Bio (NASDAQ:KRRO) Trading 6.4% Higher - Here's What Happened

Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report)'s stock price shot up 6.4% during trading on Tuesday . The company traded as high as $14.27 and last traded at $14.19. 196,145 shares changed hands during trading, an increase of 79% from the average session volume of 109,811 shares. The stock had previously closed at $13.34.

Analyst Upgrades and Downgrades

A number of research firms recently commented on KRRO. Chardan Capital reiterated a "buy" rating and set a $25.00 price target on shares of Korro Bio in a report on Tuesday, May 13th. Cantor Fitzgerald upgraded shares of Korro Bio to a "strong-buy" rating in a report on Tuesday, April 29th. Oppenheimer lowered their price target on shares of Korro Bio from $155.00 to $90.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Finally, HC Wainwright reiterated a "buy" rating and set a $100.00 price target on shares of Korro Bio in a report on Thursday. Five analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $102.43.

Korro Bio Trading Up 0.7%

The firm has a market capitalization of $150.33 million, a P/E ratio of -1.70 and a beta of 2.43. The company's fifty day simple moving average is $13.40 and its 200 day simple moving average is $20.16.

Korro Bio (NASDAQ:KRRO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($2.49) EPS for the quarter, topping the consensus estimate of ($2.60) by $0.11. The company had revenue of $2.55 million during the quarter, compared to the consensus estimate of $0.13 million. On average, analysts predict that Korro Bio, Inc. will post -9.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its holdings in Korro Bio by 3.0% in the 4th quarter. Bank of New York Mellon Corp now owns 14,788 shares of the company's stock worth $563,000 after purchasing an additional 435 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Korro Bio by 9.0% in the 4th quarter. Bank of America Corp DE now owns 7,037 shares of the company's stock worth $268,000 after acquiring an additional 581 shares in the last quarter. Blair William & Co. IL increased its stake in shares of Korro Bio by 5.7% in the 4th quarter. Blair William & Co. IL now owns 12,895 shares of the company's stock worth $491,000 after acquiring an additional 695 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Korro Bio by 4.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 18,288 shares of the company's stock worth $318,000 after acquiring an additional 790 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Korro Bio by 32.4% in the 4th quarter. Wells Fargo & Company MN now owns 3,392 shares of the company's stock worth $129,000 after acquiring an additional 831 shares in the last quarter. 13.18% of the stock is currently owned by institutional investors.

Korro Bio Company Profile

Korro Bio, Inc, a biopharmaceutical company, engages in the discovery, development, and commercialization of genetic medicines based on editing RNA for the treatment of rare and highly prevalent diseases primarily in the United States. Its lead product candidate is KRRO-110 which is in preclinical trials for the treatment of Alpha-1 Antitrypsin Deficiency (AATD).