Korro Bio (NASDAQ:KRRO) Sees Large Volume Increase Following Better-Than-Expected Earnings

Korro Bio, Inc. (NASDAQ:KRRO) shares saw strong trading volume on Wednesday following a stronger than expected earnings report. 164,204 shares changed hands during trading, an increase of 138% from the previous session’s volume of 68,913 shares.The stock last traded at $60.22 and had previously closed at $65.14.

The company reported ($2.26) EPS for the quarter, topping the consensus estimate of ($2.55) by $0.29.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other Korro Bio news, CFO Vineet Agarwal sold 800 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $70.00, for a total value of $56,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.40% of the company’s stock.

Institutional Trading of Korro Bio

A number of large investors have recently bought and sold shares of the company. Brown Brothers Harriman & Co. lifted its position in shares of Korro Bio by 251.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 2,854 shares of the company’s stock valued at $95,000 after buying an additional 2,041 shares during the last quarter. Quest Partners LLC raised its stake in Korro Bio by 172.1% in the 3rd quarter. Quest Partners LLC now owns 1,777 shares of the company’s stock valued at $59,000 after acquiring an additional 1,124 shares during the period. Point72 Asset Management L.P. lifted its holdings in Korro Bio by 71.6% during the second quarter. Point72 Asset Management L.P. now owns 456,085 shares of the company’s stock valued at $15,448,000 after purchasing an additional 190,259 shares during the last quarter. Driehaus Capital Management LLC bought a new position in Korro Bio during the second quarter worth about $3,958,000. Finally, Lynx1 Capital Management LP purchased a new position in shares of Korro Bio in the second quarter worth about $129,000. 13.18% of the stock is owned by hedge funds and other institutional investors.

Korro Bio Price Performance

The firm’s 50-day moving average price is $49.52 and its 200-day moving average price is $46.86.

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).