Lynx1 Capital Management Lp Purchases 1,462 Shares of Korro Bio (NASDAQ:KRRO) Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Lynx1 Capital Management Lp bought 1,462 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average cost of $13.19 per share, with a total value of $19,283.78. Following the completion of the transaction, the insider owned 1,544,980 shares in the company, valued at $20,378,286.20. The trade was a 0.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Lynx1 Capital Management Lp also recently made the following trade(s):

• On Thursday, August 6th, Lynx1 Capital Management Lp bought 5,222 shares of Korro Bio stock. The shares were bought at an average cost of $11.40 per share, for a total transaction of $59,530.80.

Korro Bio Trading Down 0.1%

NASDAQ KRRO opened at $13.28 on Friday. The firm has a market capitalization of $195.56 million, a PE ratio of -1.33 and a beta of 3.04. The business’s 50-day moving average price is $12.39 and its two-hundred day moving average price is $12.19. Korro Bio, Inc. has a 12 month low of $5.20 and a 12 month high of $55.89.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.27. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%.The company had revenue of $1.50 million for the quarter, compared to analyst estimates of $0.21 million. As a group, analysts forecast that Korro Bio, Inc. will post -4.97 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. HC Wainwright decreased their price target on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Citigroup initiated coverage on Korro Bio in a report on Monday, May 18th. They issued a “buy” rating and a $21.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a report on Monday, July 6th. JonesTrading raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Finally, Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Korro Bio currently has an average rating of “Moderate Buy” and an average price target of $16.71.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. acquired a new position in shares of Korro Bio during the third quarter valued at about $39,000. Wells Fargo & Company MN lifted its position in Korro Bio by 45.5% in the 4th quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after acquiring an additional 2,352 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Korro Bio by 15.2% during the 1st quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock valued at $246,000 after purchasing an additional 2,875 shares during the last quarter. Millennium Management LLC raised its stake in shares of Korro Bio by 1.8% in the third quarter. Millennium Management LLC now owns 260,333 shares of the company’s stock worth $12,467,000 after purchasing an additional 4,650 shares during the last quarter. Finally, Algert Global LLC bought a new position in shares of Korro Bio in the third quarter valued at approximately $340,000. Institutional investors and hedge funds own 13.18% of the company’s stock.

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.