Korro Bio (NASDAQ:KRRO) Sees Strong Trading Volume After Strong Earnings

Korro Bio, Inc. (NASDAQ:KRRO) saw unusually-strong trading volume on Wednesday following a stronger than expected earnings report. Approximately 164,204 shares were traded during mid-day trading, an increase of 138% from the previous session’s volume of 68,913 shares.The stock last traded at $60.22 and had previously closed at $65.14.

The company reported ($2.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.55) by $0.29.

Analysts Set New Price Targets

A number of brokerages have commented on KRRO. HC Wainwright reaffirmed a “buy” rating and set a $115.00 target price on shares of Korro Bio in a report on Wednesday. Royal Bank of Canada upped their price objective on Korro Bio from $95.00 to $105.00 and gave the stock an “outperform” rating in a research note on Monday, October 21st. Raymond James began coverage on Korro Bio in a report on Monday, October 21st. They issued a “strong-buy” rating and a $153.00 target price on the stock. Finally, William Blair reissued an “outperform” rating on shares of Korro Bio in a report on Wednesday. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $142.17.

Insider Buying and Selling

In related news, CFO Vineet Agarwal sold 800 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $70.00, for a total transaction of $56,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 5.40% of the stock is currently owned by insiders.

Institutional Trading of Korro Bio

Several hedge funds have recently bought and sold shares of the stock. Brown Brothers Harriman & Co. bought a new stake in Korro Bio in the 2nd quarter worth approximately $28,000. Quest Partners LLC lifted its holdings 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 worth $59,000 after acquiring an additional 1,124 shares during the last quarter. Lynx1 Capital Management LP purchased a new stake in Korro Bio in the 2nd quarter worth about $129,000. BNP Paribas Financial Markets boosted its position in shares of Korro Bio by 1,018.2% during the third quarter. BNP Paribas Financial Markets now owns 4,909 shares of the company’s stock valued at $164,000 after buying an additional 4,470 shares during the period. Finally, Rhumbline Advisers purchased a new stake in shares of Korro Bio in the second quarter worth approximately $279,000. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Korro Bio Trading Down 15.6 %

The stock has a fifty day moving average of $49.52 and a 200-day moving average of $46.86.

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).