Insider Buying: Korro Bio (NASDAQ:KRRO) Major Shareholder Purchases 207,100 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Mohamad Makhzoumi purchased 207,100 shares of Korro Bio stock in a transaction that occurred on Tuesday, March 10th. The stock was acquired at an average price of $11.11 per share, for a total transaction of $2,300,881.00. Following the transaction, the insider directly owned 1,297,893 shares of the company’s stock, valued at $14,419,591.23. The trade was a 18.99% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Korro Bio Price Performance

Shares of Korro Bio stock traded down $0.26 on Thursday, reaching $11.50. The company had a trading volume of 92,041 shares, compared to its average volume of 184,676. The firm has a market cap of $108.33 million, a price-to-earnings ratio of -1.22 and a beta of 2.98. Korro Bio, Inc. has a 1 year low of $5.20 and a 1 year high of $55.89. The firm’s 50-day moving average price is $10.90 and its two-hundred day moving average price is $20.23.

Korro Bio (NASDAQ:KRRO) last issued its earnings results on Thursday, March 12th. The company reported ($5.32) EPS for the quarter. Korro Bio had a negative return on equity of 68.87% and a negative net margin of 1,199.53%.The company had revenue of $1.29 million during the quarter. As a group, analysts anticipate that Korro Bio, Inc. will post -9.52 EPS for the current year.

Institutional Trading of Korro Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its stake in shares of Korro Bio by 10.8% in the 2nd quarter. Geode Capital Management LLC now owns 155,387 shares of the company’s stock worth $1,941,000 after acquiring an additional 15,166 shares during the period. Raymond James Financial Inc. grew its holdings in shares of Korro Bio by 357.6% in the 2nd quarter. Raymond James Financial Inc. now owns 83,392 shares of the company’s stock worth $1,042,000 after acquiring an additional 65,170 shares during the period. Bank of America Corp DE increased its position in shares of Korro Bio by 520.0% in the second quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock valued at $352,000 after buying an additional 23,615 shares in the last quarter. CWM LLC raised its position in Korro Bio by 391.4% during the third quarter. CWM LLC now owns 2,693 shares of the company’s stock worth $129,000 after acquiring an additional 2,145 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in shares of Korro Bio during the 3rd quarter worth approximately $2,821,000. 13.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on KRRO. Raymond James Financial set a $18.00 price target on Korro Bio in a report on Wednesday, February 18th. William Blair upgraded Korro Bio from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 17th. Royal Bank Of Canada cut shares of Korro Bio from an “outperform” rating to a “sector perform” rating in a research report on Thursday, November 13th. HC Wainwright reissued a “neutral” rating on shares of Korro Bio in a research report on Thursday, November 13th. Finally, Wall Street Zen lowered Korro Bio from a “hold” rating to a “sell” rating in a research report on Saturday, December 13th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $50.38.

Korro Bio Company Profile

Korro Bio, Inc is a clinical-stage biotechnology company focused on harnessing advanced protein engineering and synthetic biology to develop novel enzyme therapies and live microbial therapeutics. The company’s proprietary platform integrates directed evolution, high-throughput screening and computational design to optimize biological catalysts for a wide range of applications. By combining machine learning with experimental biology, Korro Bio seeks to accelerate the discovery and development of next-generation treatments for rare genetic disorders and complex metabolic diseases.

The company’s pipeline features both engineered enzyme therapeutics and live biotherapeutics.