Atlas (NYSE:ATCO) Venture Opportunity Fund II, L.P., a significant shareholder in Korro Bio, Inc. (NASDAQ:KRRO), has expanded its investment in the company with the purchase of additional shares valued at approximately $1 million, according to a recent filing with the Securities and Exchange Commission.
On April 22, Atlas Venture Opportunity Fund II, L.P. acquired 17,857 shares of Korro Bio at a price of $56.0 per share, increasing its total holdings to 195,074 shares. This transaction reflects a confident investment move by the fund in the pharmaceutical company, which specializes in RNA editing therapeutics.
The shares are directly owned by Atlas Venture Opportunity Fund II, L.P., with Atlas Venture Associates Opportunity II, L.P. serving as the general partner, and Atlas Venture Associates Opportunity II, LLC as the general partner of the former. The Chief Financial Officer, Ommer Chohan, signed off on the filing on behalf of all entities involved.
It is worth noting that both Atlas Venture Associates Opportunity II, L.P. and Atlas Venture Associates Opportunity II, LLC have disclaimed beneficial ownership of the securities held by Atlas Venture Opportunity Fund II, L.P., except to the extent of their pecuniary interest, if any.
The recent purchase by Atlas Venture Opportunity Fund II, L.P. is a notable transaction for investors keeping an eye on Korro Bio's stock, as it signals sustained interest from a major shareholder.
InvestingPro Insights
The recent acquisition of Korro Bio, Inc. (NASDAQ:KRRO) shares by Atlas Venture Opportunity Fund II, L.P. is a testament to the fund's confidence in the company's potential. To further understand the investment landscape of Korro Bio, here are some key metrics and insights from InvestingPro:
The company's market cap stands at $545.11 million, which is a substantial figure that reflects its valuation in the market. Despite this, Korro Bio's P/E ratio indicates that the company is not currently profitable, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at -6.72. This aligns with the InvestingPro Tip that analysts do not anticipate the company will be profitable this year.
However, the company has demonstrated strong performance in terms of share price appreciation. With a 3-month price total return of 59.06% and an impressive 6-month return of 341.73%, investors have witnessed significant growth in a short period. This is further supported by the InvestingPro Tip highlighting a high return over the last year.
Despite the lack of profitability over the last twelve months, Korro Bio holds more cash than debt on its balance sheet and has liquid assets that exceed its short-term obligations, suggesting a degree of financial stability and resilience. These factors combined may contribute to the positive sentiment from investors like Atlas Venture Opportunity Fund II, L.P.
For those interested in a deeper dive into Korro Bio's financial health and future prospects, InvestingPro offers additional insights. There are 10 more InvestingPro Tips available, which can provide a more comprehensive analysis to help investors make informed decisions. To explore these tips, visit: https://www.investing.com/pro/KRRO
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