Korro Bio, Inc. (NASDAQ:KRRO) Sees Significant Decrease in Short Interest

Korro Bio, Inc. (NASDAQ:KRRO) was the target of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 222,800 shares, a decrease of 11.9% from the September 15th total of 253,000 shares. Approximately 3.8% of the company’s shares are sold short. Based on an average daily trading volume, of 66,100 shares, the short-interest ratio is currently 3.4 days.

Korro Bio Trading Up 93.7 %

Shares of NASDAQ KRRO opened at $77.00 on Thursday. Korro Bio has a 12-month low of $9.15 and a 12-month high of $98.00. The stock has a fifty day moving average price of $40.45 and a 200 day moving average price of $47.63.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($2.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.39) by ($0.04). On average, equities analysts expect that Korro Bio will post -10.09 earnings per share for the current fiscal year.

Institutional Trading of Korro Bio

Several large investors have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. acquired a new stake in Korro Bio in the 2nd quarter valued at $28,000. Lynx1 Capital Management LP purchased a new position in Korro Bio in the 2nd quarter valued at about $129,000. Rhumbline Advisers purchased a new position in Korro Bio in the 2nd quarter valued at about $279,000. Atlas Venture Life Science Advisors LLC boosted its position in 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 buying an additional 17,857 shares during the last quarter. Finally, 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 last quarter. 13.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

KRRO has been the subject of a number of research analyst reports. HC Wainwright restated a “buy” rating and set a $100.00 price objective on shares of Korro Bio in a report on Tuesday, September 17th. Royal Bank of Canada restated an “outperform” rating and set a $95.00 price objective on shares of Korro Bio in a report on Thursday, September 19th. Finally, William Blair initiated coverage on Korro Bio in a report on Wednesday, August 14th. They set an “outperform” rating and a $180.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Korro Bio has an average rating of “Buy” and an average price target of $135.00.

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).