Korro Bio, Inc. (NASDAQ:KRRO) Short Interest Up 23.1% in October

Korro Bio, Inc. (NASDAQ:KRRO) was the target of a significant increase in short interest in October. As of October 15th, there was short interest totalling 274,200 shares, an increase of 23.1% from the September 30th total of 222,800 shares. Approximately 4.6% of the company’s stock are short sold. Based on an average daily volume of 102,500 shares, the short-interest ratio is presently 2.7 days.

Korro Bio Stock Down 3.8 %

Shares of KRRO stock traded down $2.38 during mid-day trading on Wednesday, hitting $60.85. 70,137 shares of the stock traded hands, compared to its average volume of 65,595. The company’s 50-day simple moving average is $46.05 and its 200-day simple moving average is $47.03. Korro Bio has a twelve month low of $9.76 and a twelve month high of $98.00.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($2.43) EPS for the quarter, missing analysts’ consensus estimates of ($2.39) by ($0.04). Equities analysts expect that Korro Bio will post -10.09 earnings per share for the current fiscal year.

Insider Transactions at Korro Bio

In other Korro Bio news, CFO Vineet Agarwal sold 10,216 shares of the stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $78.26, for a total transaction of $799,504.16. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. acquired a new stake in shares of Korro Bio during the 2nd quarter valued at $28,000. Lynx1 Capital Management LP purchased a new stake in shares of Korro Bio during the 2nd quarter worth about $129,000. Rhumbline Advisers acquired a new stake in shares of Korro Bio during the 2nd quarter valued at about $279,000. Bank of New York Mellon Corp bought a new position in Korro Bio during the second quarter valued at approximately $649,000. Finally, Tri Locum Partners LP acquired a new stake in Korro Bio in the second quarter valued at approximately $2,419,000. 13.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KRRO has been the subject of a number of analyst reports. William Blair initiated coverage on Korro Bio in a research report on Wednesday, August 14th. They set an “outperform” rating and a $180.00 price objective for the company. Raymond James initiated coverage on shares of Korro Bio in a report on Monday, October 21st. They set a “strong-buy” rating and a $153.00 price target for the company. HC Wainwright increased their price objective on shares of Korro Bio from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Royal Bank of Canada boosted their target price on shares of Korro Bio from $95.00 to $105.00 and gave the company an “outperform” rating in a research note on Monday, October 21st. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $142.17.

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).