Korro Bio (NASDAQ:KRRO) Trading 9.3% Higher – Still a Buy?

Shares of Korro Bio, Inc. (NASDAQ:KRRO) shot up 9.3% during trading on Friday . The company traded as high as $56.00 and last traded at $55.33. 23,758 shares were traded during mid-day trading, a decline of 66% from the average session volume of 70,334 shares. The stock had previously closed at $50.62.

Wall Street Analysts Forecast Growth

KRRO has been the subject of several recent analyst reports. Royal Bank of Canada upped their target price on shares of Korro Bio from $95.00 to $105.00 and gave the company an “outperform” rating in a research note on Monday, October 21st. Raymond James initiated coverage on shares of Korro Bio in a research report on Monday, October 21st. They issued a “strong-buy” rating and a $153.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $115.00 target price on shares of Korro Bio in a report on Friday. Finally, William Blair restated an “outperform” rating on shares of Korro Bio in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $142.17.

Korro Bio Stock Performance

The stock has a fifty day simple moving average of $50.68 and a 200-day simple moving average of $46.54.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Tuesday, November 12th. The company reported ($2.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.55) by $0.29. On average, equities analysts forecast that Korro Bio, Inc. will post -9.63 earnings per share for the current year.

Insider Activity

In related news, CFO Vineet Agarwal sold 10,216 shares of the stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $78.26, for a total transaction of $799,504.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.40% of the stock is owned by corporate insiders.

Institutional Trading of Korro Bio

Institutional investors and hedge funds have recently bought and sold shares of the business. Millennium Management LLC raised its stake in Korro Bio by 38.3% in the second quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock valued at $2,852,000 after buying an additional 23,307 shares during the period. Tri Locum Partners LP bought a new position in shares of Korro Bio during the second quarter worth approximately $2,419,000. NEA Management Company LLC increased its stake in shares of Korro Bio by 1.7% during the second quarter. NEA Management Company LLC now owns 1,090,793 shares of the company’s stock worth $36,945,000 after purchasing an additional 17,857 shares during the period. Atlas Venture Life Science Advisors LLC increased its stake in shares of Korro Bio by 1.6% during the second quarter. Atlas Venture Life Science Advisors LLC now owns 1,137,149 shares of the company’s stock worth $38,515,000 after purchasing an additional 17,857 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in Korro Bio by 71.6% during the 2nd quarter. Point72 Asset Management L.P. now owns 456,085 shares of the company’s stock worth $15,448,000 after acquiring an additional 190,259 shares during the period. Institutional investors own 13.18% of the company’s stock.

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).