Korro Bio, Inc. (NASDAQ:KRRO) Sees Large Growth in Short Interest

Korro Bio, Inc. (NASDAQ:KRRO) saw a significant increase in short interest in the month of 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. Based on an average daily volume of 102,500 shares, the short-interest ratio is presently 2.7 days. Approximately 4.6% of the shares of the company are sold short.

Korro Bio Trading Down 3.8 %

Korro Bio stock traded down $2.38 during mid-day trading on Wednesday, hitting $60.85. The stock had a trading volume of 70,137 shares, compared to its average volume of 65,595. The firm’s 50 day moving average is $46.05 and its 200 day moving average is $47.03. Korro Bio has a one year low of $9.76 and a one year high of $98.00.

Korro Bio (NASDAQ:KRRO) last issued its earnings results on Tuesday, August 13th. The company reported ($2.43) earnings per share for the quarter, missing the consensus estimate of ($2.39) by ($0.04). On average, sell-side analysts anticipate that Korro Bio will post -10.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insider Activity at Korro Bio

In other Korro Bio 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 value of $799,504.16. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 16.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC boosted its holdings in shares of Korro Bio by 38.3% during the 2nd quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock valued at $2,852,000 after purchasing an additional 23,307 shares during the last quarter. Tri Locum Partners LP bought a new position in shares of Korro Bio during the 2nd quarter valued at about $2,419,000. NEA Management Company LLC boosted its holdings in shares of Korro Bio by 1.7% during 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. Atlas Venture Life Science Advisors LLC boosted its holdings 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 purchasing an additional 17,857 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted 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 valued at $15,448,000 after purchasing an additional 190,259 shares during the last quarter. 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).