Korro Bio (NASDAQ:KRRO) Shares Gap Down - Here's Why

Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $58.16, but opened at $55.35. Korro Bio shares last traded at $57.60, with a volume of 5,864 shares trading hands.

Wall Street Analysts Forecast Growth

KRRO has been the topic of several recent research reports. HC Wainwright boosted their target price on Korro Bio from $100.00 to $115.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Royal Bank of Canada lifted their price target on Korro Bio from $95.00 to $105.00 and gave the stock an "outperform" rating in a report on Monday, October 21st. William Blair initiated coverage on shares of Korro Bio in a report on Wednesday, August 14th. They issued an "outperform" rating and a $180.00 price objective for the company. Finally, Raymond James began coverage on shares of Korro Bio in a research note on Monday, October 21st. They set a "strong-buy" rating and a $153.00 target price on the stock. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $142.17.

Korro Bio Stock Up 3.4 %

The business's 50 day moving average price is $46.88 and its 200-day moving average price is $46.75.

Korro Bio (NASDAQ:KRRO - Get Free Report) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($2.43) EPS for the quarter, missing the consensus estimate of ($2.39) by ($0.04). As a group, sell-side analysts anticipate that Korro Bio, Inc. will post -10.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Korro Bio

In other Korro Bio news, CFO Vineet Agarwal sold 10,216 shares of the stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $78.26, for a total transaction of $799,504.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Korro Bio

Several large investors have recently bought and sold shares of KRRO. Brown Brothers Harriman & Co. purchased a new stake in shares of Korro Bio during the second quarter worth approximately $28,000. Lynx1 Capital Management LP acquired a new position in Korro Bio during the 2nd quarter worth approximately $129,000. Rhumbline Advisers purchased a new stake in shares of Korro Bio in the 2nd quarter valued at approximately $279,000. Atlas Venture Life Science Advisors LLC raised its holdings in shares of Korro Bio by 1.6% in the 2nd quarter. Atlas Venture Life Science Advisors LLC now owns 1,137,149 shares of the company's stock valued at $38,515,000 after purchasing an additional 17,857 shares in the last quarter. Finally, NEA Management Company LLC lifted its position in shares of Korro Bio by 1.7% during the 2nd quarter. NEA Management Company LLC now owns 1,090,793 shares of the company's stock worth $36,945,000 after purchasing an additional 17,857 shares during the last quarter. Hedge funds and other institutional investors own 13.18% of the company's stock.

Korro Bio Company 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).