Korro Bio (NASDAQ:KRRO) Shares Gap Down – Here’s Why

Shares of Korro Bio, Inc. (NASDAQ:KRRO) gapped down before the market opened on Monday . The stock had previously closed at $58.16, but opened at $55.35. Korro Bio shares last traded at $57.60, with a volume of 5,864 shares.

Analysts Set New Price Targets

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

Korro Bio Stock Performance

The firm’s 50 day moving average is $47.42 and its 200 day moving average is $46.69.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($2.43) EPS for the quarter, missing analysts’ consensus estimates of ($2.39) by ($0.04). On average, analysts forecast that Korro Bio, Inc. will post -10.02 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Vineet Agarwal sold 10,216 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $78.26, for a total value of $799,504.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 5.40% of the company’s stock.

Institutional Trading of Korro Bio

Several large investors have recently bought and sold shares of the business. Atlas Venture Life Science Advisors LLC boosted its position in shares of Korro Bio by 1.6% during the 2nd quarter. Atlas Venture Life Science Advisors LLC now owns 1,137,149 shares of the company’s stock valued at $38,515,000 after acquiring an additional 17,857 shares during the last quarter. NEA Management Company LLC lifted its stake in shares of Korro Bio by 1.7% in the 2nd quarter. NEA Management Company LLC now owns 1,090,793 shares of the company’s stock valued at $36,945,000 after purchasing an additional 17,857 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in shares of Korro Bio by 71.6% during the 2nd quarter. Point72 Asset Management L.P. now owns 456,085 shares of the company’s stock worth $15,448,000 after purchasing an additional 190,259 shares during the period. Driehaus Capital Management LLC acquired a new stake in shares of Korro Bio during the 2nd quarter worth about $3,958,000. Finally, Millennium Management LLC raised its holdings in Korro Bio by 38.3% in the 2nd quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock valued at $2,852,000 after buying an additional 23,307 shares during the period. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Korro Bio Company Profile

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).