Korro Bio, Inc. (NASDAQ:KRRO) Sees Large Decline in Short Interest

Korro Bio, Inc. (NASDAQ:KRRO) was the recipient of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 244,900 shares, a decrease of 6.5% from the October 31st total of 262,000 shares. Currently, 4.4% of the company’s stock are sold short. Based on an average daily trading volume, of 120,200 shares, the days-to-cover ratio is presently 2.0 days.

Korro Bio Stock Up 3.7 %

Shares of NASDAQ KRRO traded up $1.94 during mid-day trading on Monday, hitting $54.00. The company had a trading volume of 14,556 shares, compared to its average volume of 70,178. Korro Bio has a 12 month low of $30.00 and a 12 month high of $98.00. The business’s 50-day simple moving average is $52.45 and its 200-day simple moving average is $46.48.

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

Wall Street Analysts Forecast Growth

KRRO has been the subject of a number of research analyst reports. Raymond James initiated coverage on Korro Bio in a research report on Monday, October 21st. They issued a “strong-buy” rating and a $153.00 target price for the company. William Blair restated an “outperform” rating on shares of Korro Bio in a report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $115.00 price target on shares of Korro Bio in a research note on Friday, November 22nd. Finally, Royal Bank of Canada upped their price target on shares of Korro Bio from $95.00 to $105.00 and gave the stock an “outperform” rating in a research note on Monday, October 21st. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $142.17.

Insider Buying and Selling at Korro Bio

In other news, CFO Vineet Agarwal sold 800 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $70.00, for a total transaction of $56,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.40% of the stock is currently owned by insiders.

Institutional Trading of Korro Bio

Hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. grew its holdings 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. Driehaus Capital Management LLC bought a new stake in Korro Bio during the 2nd quarter worth about $3,958,000. Tri Locum Partners LP bought a new stake in Korro Bio during the 2nd quarter worth about $2,419,000. Millennium Management LLC lifted its position in Korro Bio by 38.3% during the 2nd quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock worth $2,852,000 after buying an additional 23,307 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Korro Bio during the 2nd quarter worth about $649,000. Institutional investors and hedge funds own 13.18% of the company’s stock.

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).