Lynx1 Capital Management Lp Purchases 5,222 Shares of Korro Bio (NASDAQ:KRRO) Stock

Korro Bio, Inc. (NASDAQ:KRRO) major shareholder Lynx1 Capital Management Lp acquired 5,222 shares of Korro Bio stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average cost of $11.40 per share, for a total transaction of $59,530.80. Following the purchase, the insider directly owned 1,543,518 shares of the company’s stock, valued at approximately $17,596,105.20. This trade represents a 0.34% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Lynx1 Capital Management Lp also recently made the following trade(s):

• On Monday, August 10th, Lynx1 Capital Management Lp purchased 1,462 shares of Korro Bio stock. The stock was acquired at an average price of $13.19 per share, with a total value of $19,283.78.

Korro Bio Stock Down 0.1%

KRRO stock opened at $13.28 on Friday. The stock has a market capitalization of $195.56 million, a price-to-earnings ratio of -1.33 and a beta of 3.04. Korro Bio, Inc. has a 52-week low of $5.20 and a 52-week high of $55.89. The stock’s fifty day simple moving average is $12.39 and its 200-day simple moving average is $12.19.

Korro Bio (NASDAQ:KRRO) last released its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.27. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%.The firm had revenue of $1.50 million for the quarter, compared to the consensus estimate of $0.21 million. As a group, analysts anticipate that Korro Bio, Inc. will post -4.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Korro Bio

Hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new position in Korro Bio during the 3rd quarter worth approximately $39,000. Wells Fargo & Company MN increased its stake in Korro Bio by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after purchasing an additional 2,352 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Korro Bio by 15.2% during the first quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock worth $246,000 after purchasing an additional 2,875 shares during the period. Millennium Management LLC lifted its position in shares of Korro Bio by 1.8% in the 3rd quarter. Millennium Management LLC now owns 260,333 shares of the company’s stock worth $12,467,000 after buying an additional 4,650 shares during the last quarter. Finally, Algert Global LLC bought a new stake in shares of Korro Bio during the 3rd quarter valued at about $340,000. 13.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on KRRO. JonesTrading upgraded Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Citigroup initiated coverage on shares of Korro Bio in a research note on Monday, May 18th. They set a “buy” rating and a $21.00 price objective for the company. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a research report on Friday, May 29th. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research note on Monday, July 6th. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.71.

About Korro Bio

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.