Korro Bio (NASDAQ:KRRO) Shares Down 2.9% – Here’s Why

Korro Bio, Inc. (NASDAQ:KRRO)’s stock price dropped 2.9% on Thursday . The company traded as low as $28.28 and last traded at $28.65. Approximately 49,281 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 77,342 shares. The stock had previously closed at $29.50.

Wall Street Analyst Weigh In

KRRO has been the topic of a number of research analyst reports. William Blair reissued an “outperform” rating on shares of Korro Bio in a report on Wednesday, November 13th. Oppenheimer initiated coverage on shares of Korro Bio in a report on Friday, January 10th. They issued an “outperform” rating and a $155.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $115.00 price target on shares of Korro Bio in a report on Friday, November 22nd. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Korro Bio has a consensus rating of “Buy” and a consensus target price of $144.00.

Korro Bio Trading Down 8.2 %

The company’s fifty day simple moving average is $37.04 and its 200 day simple moving average is $44.08.

Institutional Investors Weigh In On Korro Bio

Hedge funds and other institutional investors have recently modified their holdings of the stock. KLP Kapitalforvaltning AS bought a new stake in shares of Korro Bio during the fourth quarter valued at about $53,000. Quest Partners LLC increased its position in shares of Korro Bio by 172.1% during the third 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. AlphaQuest LLC increased its position in shares of Korro Bio by 23.2% during the fourth quarter. AlphaQuest LLC now owns 2,189 shares of the company’s stock valued at $83,000 after buying an additional 412 shares during the period. Brown Brothers Harriman & Co. increased its position in shares of Korro Bio by 251.0% during the third quarter. Brown Brothers Harriman & Co. now owns 2,854 shares of the company’s stock valued at $95,000 after buying an additional 2,041 shares during the period. Finally, Vestcor Inc bought a new stake in shares of Korro Bio during the third quarter valued at about $100,000. 13.18% of the stock is currently owned by institutional investors.

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).