Korro Bio (NASDAQ:KRRO) Shares Gap Up – Here’s Why

Korro Bio, Inc. (NASDAQ:KRRO) gapped up before the market opened on Wednesday . The stock had previously closed at $39.76, but opened at $47.67. Korro Bio shares last traded at $69.50, with a volume of 255,006 shares.

Analysts Set New Price Targets

KRRO has been the topic of a number of recent analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $95.00 target price on shares of Korro Bio in a research note on Thursday, September 19th. HC Wainwright reissued a “buy” rating and issued a $100.00 target price on shares of Korro Bio in a report on Tuesday, September 17th. Finally, William Blair assumed 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat, Korro Bio currently has an average rating of “Buy” and a consensus target price of $135.00.

Korro Bio Stock Up 130.3 %

The business has a 50 day simple moving average of $39.62 and a 200-day simple moving average of $47.43.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($2.43) EPS for the quarter, missing analysts’ consensus estimates of ($2.39) by ($0.04). Sell-side analysts anticipate that Korro Bio, Inc. will post -10.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Korro Bio

Several large investors have recently modified their holdings of the stock. Brown Brothers Harriman & Co. purchased a new stake in shares of Korro Bio during the second quarter worth approximately $28,000. Lynx1 Capital Management LP acquired a new position in Korro Bio during the second quarter worth $129,000. Rhumbline Advisers acquired a new position in Korro Bio during the second quarter worth $279,000. Atlas Venture Life Science Advisors LLC grew its holdings in Korro Bio by 1.6% during the second quarter. Atlas Venture Life Science Advisors LLC now owns 1,137,149 shares of the company’s stock worth $38,515,000 after acquiring an additional 17,857 shares during the period. Finally, NEA Management Company LLC grew its holdings in Korro Bio by 1.7% during the second quarter. NEA Management Company LLC now owns 1,090,793 shares of the company’s stock worth $36,945,000 after acquiring an additional 17,857 shares during the period. 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).