Royal Bank of Canada Raises Korro Bio (NASDAQ:KRRO) Price Target to $105.00

Korro Bio (NASDAQ:KRRO) had its price objective increased by equities researchers at Royal Bank of Canada from $95.00 to $105.00 in a report issued on Monday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 27.49% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. HC Wainwright increased their price target on Korro Bio from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday. Raymond James initiated coverage on shares of Korro Bio in a report on Monday. They issued a “strong-buy” rating and a $153.00 target price on the stock. Finally, William Blair initiated coverage on shares of Korro Bio in a research note on Wednesday, August 14th. They set an “outperform” rating and a $180.00 price objective for the company. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $142.17.

Korro Bio Trading Up 2.9 %

NASDAQ:KRRO traded up $2.32 during trading hours on Monday, reaching $82.36. The company had a trading volume of 21,293 shares, compared to its average volume of 62,927. Korro Bio has a 52 week low of $9.15 and a 52 week high of $98.00. The firm’s 50 day moving average price is $42.25 and its 200-day moving average price is $47.33.

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

Insider Activity at Korro Bio

In other Korro Bio news, CFO Vineet Agarwal sold 10,216 shares of the firm’s stock in a transaction dated 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 filing with the SEC, which is available at the SEC website. 16.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. boosted its holdings in shares of Korro Bio by 71.6% in the 2nd quarter. Point72 Asset Management L.P. now owns 456,085 shares of the company’s stock valued at $15,448,000 after buying an additional 190,259 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in Korro Bio during the 2nd quarter valued at approximately $3,958,000. Lynx1 Capital Management LP purchased a new stake in Korro Bio in the second quarter valued at $129,000. Millennium Management LLC grew its holdings in Korro Bio by 38.3% during the second quarter. Millennium Management LLC now owns 84,201 shares of the company’s stock worth $2,852,000 after acquiring an additional 23,307 shares during the period. Finally, 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 valued at $36,945,000 after acquiring an additional 17,857 shares during the period. 13.18% of the stock is owned by 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).