Korro Bio (NASDAQ:KRRO) Shares Gap Down – Time to Sell?

Korro Bio, Inc. (NASDAQ:KRRO)’s share price gapped down before the market opened on Monday . The stock had previously closed at $58.16, but opened at $55.35. Korro Bio shares last traded at $57.60, with a volume of 5,864 shares changing hands.

Analyst Ratings Changes

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

Korro Bio Stock Up 9.3 %

The business’s fifty day moving average price is $47.42 and its 200 day moving average price is $46.69.

Korro Bio (NASDAQ:KRRO) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($2.43) earnings per share for the quarter, missing the consensus estimate of ($2.39) by ($0.04). As a group, sell-side analysts anticipate that Korro Bio, Inc. will post -10.02 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Vineet Agarwal sold 10,216 shares of the firm’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $78.26, for a total value of $799,504.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its stake in shares of 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 purchasing an additional 190,259 shares during the last quarter. Driehaus Capital Management LLC purchased a new position in shares of Korro Bio during the second quarter valued at approximately $3,958,000. Tri Locum Partners LP acquired a new stake in Korro Bio during the second quarter worth approximately $2,419,000. Millennium Management LLC raised its holdings in Korro Bio by 38.3% in the 2nd quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock valued at $2,852,000 after acquiring an additional 23,307 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Korro Bio in the 2nd quarter valued at $649,000. Institutional investors and hedge funds 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).