Insider Buying: Korro Bio (NASDAQ:KRRO) Major Shareholder Acquires 207,100 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Mohamad Makhzoumi acquired 207,100 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average price of $11.11 per share, with a total value of $2,300,881.00. Following the acquisition, the insider directly owned 1,297,893 shares in the company, valued at $14,419,591.23. This represents a 18.99% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Korro Bio Trading Down 2.2%

Shares of Korro Bio stock traded down $0.26 during trading on Thursday, hitting $11.50. 92,041 shares of the stock were exchanged, compared to its average volume of 184,676. Korro Bio, Inc. has a 1-year low of $5.20 and a 1-year high of $55.89. The company has a fifty day moving average price of $10.90 and a 200-day moving average price of $20.23. The stock has a market capitalization of $108.33 million, a price-to-earnings ratio of -1.22 and a beta of 2.98.

Korro Bio (NASDAQ:KRRO) last posted its earnings results on Thursday, March 12th. The company reported ($5.32) earnings per share (EPS) for the quarter. The company had revenue of $1.29 million for the quarter. Korro Bio had a negative return on equity of 68.87% and a negative net margin of 1,199.53%. Equities research analysts forecast that Korro Bio, Inc. will post -9.52 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on KRRO shares. William Blair raised Korro Bio from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a report on Friday, January 9th. HC Wainwright reissued a “neutral” rating on shares of Korro Bio in a report on Thursday, November 13th. Clear Str upgraded Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Finally, JonesTrading lowered shares of Korro Bio from a “buy” rating to a “hold” rating in a research report on Friday, November 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Korro Bio currently has a consensus rating of “Hold” and an average target price of $50.38.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in shares of Korro Bio by 6,185.5% in the third quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock worth $9,542,000 after acquiring an additional 196,079 shares during the period. Emerald Mutual Fund Advisers Trust purchased a new position in Korro Bio during the third quarter valued at $2,821,000. CWM LLC raised its position in shares of Korro Bio by 391.4% during the 3rd quarter. CWM LLC now owns 2,693 shares of the company’s stock valued at $129,000 after purchasing an additional 2,145 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Korro Bio in the fourth quarter valued at about $217,000. Finally, Engineers Gate Manager LP bought a new position in Korro Bio in the 4th quarter worth approximately $215,000. 13.18% of the stock is owned by hedge funds and other institutional investors.

Korro Bio Company Profile

Korro Bio, Inc is a clinical-stage biotechnology company focused on harnessing advanced protein engineering and synthetic biology to develop novel enzyme therapies and live microbial therapeutics. The company’s proprietary platform integrates directed evolution, high-throughput screening and computational design to optimize biological catalysts for a wide range of applications. By combining machine learning with experimental biology, Korro Bio seeks to accelerate the discovery and development of next-generation treatments for rare genetic disorders and complex metabolic diseases.

The company’s pipeline features both engineered enzyme therapeutics and live biotherapeutics.