Korro Bio (NASDAQ:KRRO) Trading 9.3% Higher - Here's What Happened

Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report)'s stock price traded up 9.3% during trading on Friday . The stock traded as high as $56.00 and last traded at $55.33. 23,758 shares were traded during mid-day trading, a decline of 66% from the average session volume of 70,334 shares. The stock had previously closed at $50.62.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on KRRO. Royal Bank of Canada lifted their price target on shares of Korro Bio from $95.00 to $105.00 and gave the company 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 set a "strong-buy" rating and a $153.00 price objective on the stock. HC Wainwright reissued a "buy" rating and issued a $115.00 target price on shares of Korro Bio in a research note on Friday. Finally, William Blair reissued an "outperform" rating on shares of Korro Bio in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Korro Bio has an average rating of "Buy" and a consensus target price of $142.17.

Korro Bio Trading Up 3.3 %

The business has a 50-day moving average price of $50.90 and a 200-day moving average price of $46.46.

Korro Bio (NASDAQ:KRRO - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($2.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.55) by $0.29. Research analysts anticipate that Korro Bio, Inc. will post -9.63 EPS for the current fiscal year.

Insider Activity

In other Korro Bio news, CFO Vineet Agarwal sold 800 shares of Korro Bio 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.40% of the company's stock.

Institutional Trading of Korro Bio

Several institutional investors have recently added to or reduced their stakes in KRRO. Atlas Venture Life Science Advisors LLC grew its holdings in Korro Bio by 1.6% during the second quarter. Atlas Venture Life Science Advisors LLC now owns 1,137,149 shares of the company's stock worth $38,515,000 after acquiring an additional 17,857 shares during the period. NEA Management Company LLC boosted its position in Korro Bio by 1.7% in the 2nd quarter. NEA Management Company LLC now owns 1,090,793 shares of the company's stock valued at $36,945,000 after buying an additional 17,857 shares during the period. Point72 Asset Management L.P. lifted its stake in Korro Bio by 71.6% in the second quarter. Point72 Asset Management L.P. now owns 456,085 shares of the company's stock worth $15,448,000 after acquiring an additional 190,259 shares during the last quarter. State Street Corp raised 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 worth $3,969,000 after acquiring an additional 18,877 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new stake in Korro Bio during the 2nd quarter worth $3,958,000. 13.18% of the stock is currently owned by hedge funds and other institutional investors.

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).