Korro Bio (NASDAQ:KRRO) Sees Unusually-High Trading Volume on Better-Than-Expected Earnings

Shares of Korro Bio, Inc. (NASDAQ:KRRO) saw strong trading volume on Wednesday after the company announced better than expected quarterly earnings. 164,204 shares traded hands during trading, an increase of 138% from the previous session’s volume of 68,913 shares.The stock last traded at $60.22 and had previously closed at $65.14.

The company reported ($2.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.55) by $0.29.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Royal Bank of Canada raised their price objective 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 reiterated an “outperform” rating on shares of Korro Bio in a research note on Wednesday. HC Wainwright reissued a “buy” rating and set a $115.00 price objective on shares of Korro Bio in a report on Wednesday. Finally, Raymond James assumed coverage on shares of Korro Bio in a report on Monday, October 21st. They issued a “strong-buy” rating and a $153.00 price target on the stock. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $142.17.

Insider Activity

In other news, CFO Vineet Agarwal sold 800 shares of Korro Bio stock in a transaction that occurred on Monday, November 11th. The shares were 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 SEC, which is accessible through this link. Company insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On Korro Bio

Institutional investors and hedge funds have recently made changes to their positions in the business. Brown Brothers Harriman & Co. acquired a new position in Korro Bio in the second quarter valued at approximately $28,000. Quest Partners LLC increased its position in shares of Korro Bio by 172.1% during the 3rd quarter. Quest Partners LLC now owns 1,777 shares of the company’s stock valued at $59,000 after purchasing an additional 1,124 shares during the period. MetLife Investment Management LLC raised its holdings in shares of Korro Bio by 129.0% in the 3rd quarter. MetLife Investment Management LLC now owns 3,639 shares of the company’s stock worth $122,000 after purchasing an additional 2,050 shares in the last quarter. Lynx1 Capital Management LP acquired a new stake in shares of Korro Bio during the 2nd quarter valued at $129,000. Finally, BNP Paribas Financial Markets boosted its position in shares of Korro Bio by 1,018.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,909 shares of the company’s stock valued at $164,000 after purchasing an additional 4,470 shares during the period. 13.18% of the stock is currently owned by hedge funds and other institutional investors.

Korro Bio Stock Down 9.7 %

The firm’s fifty day simple moving average is $49.77 and its 200 day simple moving average is $46.92.

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).