Korro Bio, Inc. (NASDAQ:KRRO) Sees Significant Increase in Short Interest

Korro Bio, Inc. (NASDAQ:KRRO) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 274,200 shares, an increase of 23.1% from the September 30th total of 222,800 shares. Currently, 4.6% of the shares of the company are short sold. Based on an average trading volume of 102,500 shares, the short-interest ratio is currently 2.7 days.

Wall Street Analysts Forecast Growth

KRRO has been the topic of several research reports. Raymond James initiated coverage on shares of Korro Bio in a report on Monday, October 21st. They set a “strong-buy” rating and a $153.00 price objective on the stock. Royal Bank of Canada lifted their price objective on Korro Bio from $95.00 to $105.00 and gave the stock an “outperform” rating in a report on Monday, October 21st. William Blair assumed coverage on Korro Bio in a research report on Wednesday, August 14th. They issued an “outperform” rating and a $180.00 target price for the company. Finally, HC Wainwright boosted their price target on shares of Korro Bio from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, October 18th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Korro Bio presently has an average rating of “Buy” and an average price target of $142.17.

Insiders Place Their Bets

In other news, CFO Vineet Agarwal sold 10,216 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $78.26, for a total value of $799,504.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 16.80% of the company’s stock.

Institutional Trading of Korro Bio

Several hedge funds have recently modified their holdings of KRRO. Brown Brothers Harriman & Co. bought a new position in Korro Bio in the second quarter valued at about $28,000. Lynx1 Capital Management LP bought a new position in shares of Korro Bio in the 2nd quarter valued at about $129,000. Rhumbline Advisers bought a new position in shares of Korro Bio in the 2nd quarter valued at about $279,000. Bank of New York Mellon Corp acquired a new stake in shares of Korro Bio during the 2nd quarter worth approximately $649,000. Finally, Tri Locum Partners LP bought a new stake in shares of Korro Bio during the second quarter worth approximately $2,419,000. 13.18% of the stock is owned by institutional investors.

Korro Bio Stock Down 3.8 %

Shares of KRRO traded down $2.38 during trading hours on Wednesday, hitting $60.85. The stock had a trading volume of 70,137 shares, compared to its average volume of 65,595. The company’s fifty day moving average is $46.05 and its two-hundred day moving average is $47.03. Korro Bio has a 52 week low of $9.76 and a 52 week high of $98.00.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($2.43) EPS for the quarter, missing analysts’ consensus estimates of ($2.39) by ($0.04). Equities research analysts anticipate that Korro Bio will post -10.09 EPS for the current fiscal year.

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).