Orbimed Advisors LLC Invests $1.23 Million in Korro Bio, Inc. (NASDAQ:KRRO)

Orbimed Advisors LLC bought a new stake in shares of Korro Bio, Inc. (NASDAQ:KRRO - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 32,400 shares of the company's stock, valued at approximately $1,233,000. Orbimed Advisors LLC owned 0.35% of Korro Bio at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in Korro Bio by 374.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 12,391 shares of the company's stock valued at $414,000 after acquiring an additional 9,782 shares during the period. Rhumbline Advisers raised its holdings in Korro Bio by 7.8% during the 4th quarter. Rhumbline Advisers now owns 9,602 shares of the company's stock valued at $366,000 after acquiring an additional 691 shares during the period. Legal & General Group Plc increased its holdings in shares of Korro Bio by 664.1% in the fourth quarter. Legal & General Group Plc now owns 4,325 shares of the company's stock worth $165,000 after purchasing an additional 3,759 shares during the period. Wellington Management Group LLP increased its holdings in shares of Korro Bio by 11.5% in the fourth quarter. Wellington Management Group LLP now owns 14,553 shares of the company's stock worth $554,000 after purchasing an additional 1,501 shares during the period. Finally, Barclays PLC bought a new position in shares of Korro Bio in the fourth quarter worth $395,000. Institutional investors own 13.18% of the company's stock.

Korro Bio Stock Up 4.4%

NASDAQ:KRRO traded up $0.63 during midday trading on Friday, hitting $15.11. The company had a trading volume of 74,332 shares, compared to its average volume of 98,909. The stock's fifty day moving average price is $17.12 and its 200-day moving average price is $32.59. Korro Bio, Inc. has a 52-week low of $11.13 and a 52-week high of $98.00. The company has a market capitalization of $141.90 million, a PE ratio of -1.60 and a beta of 2.66.

Korro Bio (NASDAQ:KRRO - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($2.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.60) by $0.11. The business had revenue of $2.55 million for the quarter, compared to analysts' expectations of $0.13 million. As a group, research analysts forecast that Korro Bio, Inc. will post -9.52 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald raised shares of Korro Bio to a "strong-buy" rating in a report on Tuesday, April 29th. Royal Bank of Canada decreased their price target on shares of Korro Bio from $105.00 to $95.00 and set an "outperform" rating on the stock in a report on Wednesday, March 19th. HC Wainwright decreased their price target on shares of Korro Bio from $115.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Chardan Capital reaffirmed a "buy" rating and issued a $25.00 price target on shares of Korro Bio in a report on Tuesday, May 13th. Finally, Oppenheimer decreased their price target on shares of Korro Bio from $155.00 to $90.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Five investment 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, the stock currently has a consensus rating of "Buy" and an average price target of $102.43.

About Korro Bio

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).