Korro Bio (NASDAQ:KRRO) Trading 9.3% Higher – Time to Buy?

Korro Bio, Inc. (NASDAQ:KRRO)’s stock price rose 9.3% on Friday . The stock traded as high as $56.00 and last traded at $55.33. Approximately 23,758 shares changed hands during trading, a decline of 66% from the average daily volume of 70,334 shares. The stock had previously closed at $50.62.

Analysts Set New Price Targets

Several research firms have commented on KRRO. Raymond James initiated coverage on shares of Korro Bio in a research note on Monday, October 21st. They set a “strong-buy” rating and a $153.00 price objective for the company. William Blair reaffirmed an “outperform” rating on shares of Korro Bio in a research note on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and issued a $115.00 price objective on shares of Korro Bio in a research report on Friday. Finally, Royal Bank of Canada boosted their target price on Korro Bio from $95.00 to $105.00 and gave the company an “outperform” rating in a research report on Monday, October 21st. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Korro Bio presently has a consensus rating of “Buy” and a consensus target price of $142.17.

Korro Bio Price Performance

The stock’s 50 day simple moving average is $50.90 and its 200 day simple moving average is $46.46.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($2.26) EPS for the quarter, topping the consensus estimate of ($2.55) by $0.29. On average, sell-side analysts anticipate that Korro Bio, Inc. will post -9.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vineet Agarwal sold 10,216 shares of the business’s stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in KRRO. Vestcor Inc bought a new stake in Korro Bio during the third quarter valued at about $100,000. Wellington Management Group LLP bought a new stake in shares of Korro Bio in the 3rd quarter valued at about $436,000. State Street Corp grew its position in shares of Korro Bio by 18.9% in the 3rd quarter. State Street Corp now owns 118,765 shares of the company’s stock worth $3,969,000 after buying an additional 18,877 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of Korro Bio by 129.0% during the 3rd quarter. MetLife Investment Management LLC now owns 3,639 shares of the company’s stock worth $122,000 after acquiring an additional 2,050 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in Korro Bio by 1,018.2% during the third quarter. BNP Paribas Financial Markets now owns 4,909 shares of the company’s stock valued at $164,000 after acquiring an additional 4,470 shares during the last quarter. 13.18% of the stock is currently owned by hedge funds and other institutional investors.

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).