Korro Bio (NASDAQ:KRRO) Trading 9.3% Higher – Still a Buy?

Korro Bio, Inc. (NASDAQ:KRRO) shot up 9.3% on Friday . The stock traded as high as $56.00 and last traded at $55.33. 23,758 shares were traded during trading, a decline of 66% from the average session volume of 70,334 shares. The stock had previously closed at $50.62.

Analyst Ratings Changes

KRRO has been the subject of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $115.00 price objective on shares of Korro Bio in a research report on Friday. Royal Bank of Canada lifted their target price on Korro Bio from $95.00 to $105.00 and gave the stock an “outperform” rating in a research report on Monday, October 21st. William Blair reissued an “outperform” rating on shares of Korro Bio in a report on Wednesday, November 13th. Finally, Raymond James began coverage on Korro Bio in a report on Monday, October 21st. They set a “strong-buy” rating and a $153.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Korro Bio currently has a consensus rating of “Buy” and an average target price of $142.17.

Korro Bio Price Performance

The business’s 50-day simple moving average is $50.68 and its two-hundred day simple moving average is $46.54.

Korro Bio (NASDAQ:KRRO) last issued its earnings results on Tuesday, November 12th. The company reported ($2.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.55) by $0.29. As a group, equities research analysts predict that Korro Bio, Inc. will post -9.63 earnings per share for the current year.

Insider Transactions at Korro Bio

In other news, CFO Vineet Agarwal sold 10,216 shares of the stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $78.26, for a total transaction of $799,504.16. The sale was disclosed in a document filed with the SEC, which is available at this link. 5.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Brown Brothers Harriman & Co. acquired a new stake in shares of Korro Bio during the 2nd quarter valued at about $28,000. Quest Partners LLC increased its stake in shares of 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 buying an additional 1,124 shares during the period. Vestcor Inc bought a new stake in Korro Bio during the 3rd quarter worth about $100,000. MetLife Investment Management LLC boosted its stake in shares of Korro Bio by 129.0% in the 3rd quarter. MetLife Investment Management LLC now owns 3,639 shares of the company’s stock valued at $122,000 after purchasing an additional 2,050 shares during the last quarter. Finally, Lynx1 Capital Management LP bought a new position in shares of Korro Bio in the 2nd quarter valued at about $129,000. 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).