Alliancebernstein L.P. Invests $26.87 Million in Korro Bio, Inc. (NASDAQ:KRRO)

Alliancebernstein L.P. acquired a new position in shares of Korro Bio, Inc. (NASDAQ:KRRO - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 705,794 shares of the company's stock, valued at approximately $26,870,000. Alliancebernstein L.P. owned about 7.53% of Korro Bio as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. State Street Corp boosted its stake in Korro Bio by 18.9% in the 3rd quarter. State Street Corp now owns 118,765 shares of the company's stock worth $3,969,000 after buying an additional 18,877 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Korro Bio by 374.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 12,391 shares of the company's stock worth $414,000 after acquiring an additional 9,782 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Korro Bio in the third quarter worth approximately $436,000. Rhumbline Advisers grew its holdings in Korro Bio by 7.8% in the fourth quarter. Rhumbline Advisers now owns 9,602 shares of the company's stock valued at $366,000 after purchasing an additional 691 shares during the period. Finally, BNP Paribas Financial Markets increased its position in Korro Bio by 1,018.2% during the third quarter. BNP Paribas Financial Markets now owns 4,909 shares of the company's stock worth $164,000 after purchasing an additional 4,470 shares during the last quarter. Hedge funds and other institutional investors own 13.18% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Royal Bank of Canada decreased their price target on shares of Korro Bio from $105.00 to $95.00 and set an "outperform" rating on the stock in a report on Wednesday, March 19th. Oppenheimer assumed coverage on Korro Bio in a research report on Friday, January 10th. They set an "outperform" rating and a $155.00 price target for the company. Finally, HC Wainwright restated a "buy" rating and set a $115.00 price target on shares of Korro Bio in a research note on Thursday, March 20th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Korro Bio has an average rating of "Buy" and an average price target of $136.33.

Korro Bio Stock Performance

Korro Bio stock traded down $0.07 during trading on Friday, reaching $12.90. 59,469 shares of the company's stock were exchanged, compared to its average volume of 91,736. Korro Bio, Inc. has a 52-week low of $11.13 and a 52-week high of $98.00. The firm has a market cap of $121.12 million, a price-to-earnings ratio of -1.37 and a beta of 2.31. The company's 50-day moving average is $22.94 and its two-hundred day moving average is $38.66.

Korro Bio (NASDAQ:KRRO - Get Free Report) last issued its earnings results on Tuesday, March 18th. The company reported ($2.26) earnings per share for the quarter, topping the consensus estimate of ($2.33) by $0.07. The company had revenue of $2.27 million during the quarter. Analysts anticipate that Korro Bio, Inc. will post -9.52 EPS for the current year.

Korro Bio 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).