Korro Bio (NASDAQ:KRRO) Trading Down 4.1% – Should You Sell?

Korro Bio, Inc. (NASDAQ:KRRO)’s share price dropped 4.1% during trading on Friday . The company traded as low as $76.39 and last traded at $76.73. Approximately 62,106 shares were traded during mid-day trading, a decline of 1% from the average daily volume of 62,645 shares. The stock had previously closed at $80.01.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. William Blair started coverage on Korro Bio in a report on Wednesday, August 14th. They set an “outperform” rating and a $180.00 price target on the stock. HC Wainwright raised 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. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $95.00 price objective on shares of Korro Bio in a report on Thursday, September 19th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $138.00.

Korro Bio Stock Performance

The stock has a 50 day simple moving average of $41.33 and a 200-day simple moving average of $47.86.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Tuesday, August 13th. The company reported ($2.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.39) by ($0.04). On average, equities research analysts anticipate that Korro Bio, Inc. will post -10.09 earnings per share for the current year.

Hedge Funds Weigh In On Korro Bio

Large investors have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its holdings in Korro Bio by 38.3% during the second quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock valued at $2,852,000 after purchasing an additional 23,307 shares in the last quarter. Tri Locum Partners LP bought a new stake in Korro Bio in the 2nd quarter valued at $2,419,000. NEA Management Company LLC boosted its holdings in shares of Korro Bio by 1.7% during the 2nd quarter. NEA Management Company LLC now owns 1,090,793 shares of the company’s stock valued at $36,945,000 after purchasing an additional 17,857 shares during the last quarter. Atlas Venture Life Science Advisors LLC increased its holdings in shares of Korro Bio by 1.6% in 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 last quarter. Finally, Point72 Asset Management L.P. lifted its position in shares of Korro Bio by 71.6% in the second quarter. Point72 Asset Management L.P. now owns 456,085 shares of the company’s stock worth $15,448,000 after buying an additional 190,259 shares in the last quarter. Hedge funds and other 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).