Affinity Asset Advisors LLC Acquires New Position in Korro Bio, Inc. $KRRO

Affinity Asset Advisors LLC acquired a new stake in shares of Korro Bio, Inc. (NASDAQ:KRRO) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 706,904 shares of the company’s stock, valued at approximately $8,002,000.

A number of other large investors also recently modified their holdings of KRRO. Russell Investments Group Ltd. purchased a new position in shares of Korro Bio in the third quarter valued at about $39,000. Wells Fargo & Company MN grew its position in shares of Korro Bio by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after purchasing an additional 2,352 shares in the last quarter. Guggenheim Capital LLC bought a new stake in Korro Bio during the 4th quarter valued at approximately $84,000. Jain Global LLC purchased a new position in Korro Bio in the 4th quarter worth approximately $85,000. Finally, Deutsche Bank AG boosted its stake in Korro Bio by 241.9% in the 4th quarter. Deutsche Bank AG now owns 12,758 shares of the company’s stock worth $102,000 after purchasing an additional 9,027 shares during the period. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Wall Street Analyst Weigh In

KRRO has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research note on Monday, July 6th. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. JonesTrading upgraded Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Finally, HC Wainwright reduced their target price on Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, May 19th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.71.

Insiders Place Their Bets

In related news, Director Jean Francois Formela sold 119,005 shares of Korro Bio stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $14.25, for a total transaction of $1,695,821.25. Following the completion of the sale, the director owned 176,649 shares of the company’s stock, valued at $2,517,248.25. The trade was a 40.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Todd Chappell sold 3,168 shares of Korro Bio stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $10.83, for a total transaction of $34,309.44. Following the sale, the chief operating officer owned 16,964 shares of the company’s stock, valued at approximately $183,720.12. The trade was a 15.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 306,026 shares of company stock valued at $4,309,637 in the last 90 days. Corporate insiders own 4.80% of the company’s stock.

Korro Bio Stock Down 7.7%

Shares of NASDAQ KRRO opened at $10.64 on Friday. Korro Bio, Inc. has a twelve month low of $5.20 and a twelve month high of $55.89. The firm has a market cap of $153.43 million, a PE ratio of -0.91 and a beta of 3.00. The business has a fifty day simple moving average of $12.30 and a two-hundred day simple moving average of $11.90.

Korro Bio (NASDAQ:KRRO) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.69) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.09). Korro Bio had a negative return on equity of 117.86% and a negative net margin of 1,834.48%. On average, research analysts expect that Korro Bio, Inc. will post -5.36 earnings per share for the current year.

About Korro Bio

Korro Bio, Inc is a clinical-stage biotechnology company focused on harnessing advanced protein engineering and synthetic biology to develop novel enzyme therapies and live microbial therapeutics. The company’s proprietary platform integrates directed evolution, high-throughput screening and computational design to optimize biological catalysts for a wide range of applications. By combining machine learning with experimental biology, Korro Bio seeks to accelerate the discovery and development of next-generation treatments for rare genetic disorders and complex metabolic diseases.

The company’s pipeline features both engineered enzyme therapeutics and live biotherapeutics.