Korro Bio, Inc. (NASDAQ:KRRO) Short Interest Up 50.1% in December

Korro Bio, Inc. (NASDAQ:KRRO) was the recipient of a large growth in short interest in December. As of December 31st, there was short interest totalling 653,900 shares, a growth of 50.1% from the December 15th total of 435,500 shares. Currently, 11.7% of the shares of the stock are sold short. Based on an average daily volume of 140,800 shares, the days-to-cover ratio is presently 4.6 days.

Analyst Ratings Changes

KRRO has been the subject of a number of recent research reports. William Blair restated an “outperform” rating on shares of Korro Bio in a report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and issued a $115.00 price target on shares of Korro Bio in a research note on Friday, November 22nd. Royal Bank of Canada upped 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 started coverage on Korro Bio in a report on Monday, October 21st. They issued a “strong-buy” rating and a $153.00 price objective on the stock. Finally, Oppenheimer initiated coverage on Korro Bio in a report on Friday, January 10th. They set an “outperform” rating and a $155.00 target price for the company. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $144.00.

Korro Bio Stock Performance

Shares of Korro Bio stock traded up $0.02 during trading on Friday, reaching $37.00. 58,033 shares of the stock were exchanged, compared to its average volume of 112,567. Korro Bio has a 1 year low of $30.00 and a 1 year high of $98.00. The stock’s fifty day moving average is $45.43 and its 200 day moving average is $46.05.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.26) EPS for the quarter, beating analysts’ consensus estimates of ($2.55) by $0.29. Sell-side analysts expect that Korro Bio will post -9.63 EPS for the current year.

Insider Transactions at Korro Bio

In related news, CFO Vineet Agarwal sold 800 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $70.00, for a total value of $56,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.40% of the company’s stock.

Institutional Trading of Korro Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its holdings in Korro Bio by 38.3% in the 2nd quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock worth $2,852,000 after purchasing an additional 23,307 shares in the last quarter. Tri Locum Partners LP purchased a new position in shares of Korro Bio during the second quarter valued at about $2,419,000. State Street Corp raised its stake in Korro Bio by 18.9% in the third 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 in the last quarter. NEA Management Company LLC lifted its holdings in Korro Bio by 1.7% in the second quarter. NEA Management Company LLC now owns 1,090,793 shares of the company’s stock worth $36,945,000 after buying an additional 17,857 shares during the period. Finally, Wellington Management Group LLP bought a new stake in Korro Bio during the 3rd quarter valued at approximately $436,000. 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).