Korro Bio, Inc. (NASDAQ:KRRO) Short Interest Down 6.5% in November

Korro Bio, Inc. (NASDAQ:KRRO) saw a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 244,900 shares, a decline of 6.5% from the October 31st total of 262,000 shares. Based on an average daily volume of 120,200 shares, the days-to-cover ratio is currently 2.0 days. Currently, 4.4% of the shares of the stock are short sold.

Korro Bio Stock Down 11.2 %

KRRO opened at $47.51 on Wednesday. The company has a fifty day moving average price of $53.07 and a two-hundred day moving average price of $46.45. Korro Bio has a 1-year low of $30.00 and a 1-year high of $98.00.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($2.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.55) by $0.29. On average, equities analysts expect that Korro Bio will post -9.63 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on KRRO shares. Royal Bank of Canada lifted their target price on shares of Korro Bio from $95.00 to $105.00 and gave the stock an “outperform” rating in a research report on Monday, October 21st. Raymond James initiated coverage on Korro Bio in a report on Monday, October 21st. They issued a “strong-buy” rating and a $153.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $115.00 price target on shares of Korro Bio in a research note on Friday, November 22nd. Finally, William Blair reiterated an “outperform” rating on shares of Korro Bio in a report on Wednesday, November 13th. Five 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, the company has an average rating of “Buy” and an average price target of $142.17.

Insider Activity at Korro Bio

In related news, CFO Vineet Agarwal sold 800 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $70.00, for a total transaction of $56,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 5.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Vestcor Inc acquired a new position in Korro Bio during the 3rd quarter valued at about $100,000. Wellington Management Group LLP purchased a new stake in Korro Bio in the 3rd quarter valued at $436,000. State Street Corp lifted its stake in Korro Bio by 18.9% during the 3rd quarter. State Street Corp now owns 118,765 shares of the company’s stock valued at $3,969,000 after acquiring an additional 18,877 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of Korro Bio by 129.0% in the 3rd quarter. MetLife Investment Management LLC now owns 3,639 shares of the company’s stock worth $122,000 after acquiring an additional 2,050 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of Korro Bio by 1,018.2% in the third quarter. BNP Paribas Financial Markets now owns 4,909 shares of the company’s stock valued at $164,000 after purchasing an additional 4,470 shares during the last quarter. 13.18% of the stock is currently owned by institutional investors and hedge funds.

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).