Korro Bio (NASDAQ:KRRO) Director Jean Francois Formela Sells 48,438 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 48,438 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $14.61, for a total transaction of $707,679.18. Following the completion of the transaction, the director owned 169,556 shares of the company’s stock, valued at $2,477,213.16. This trade represents a 22.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jean Francois Formela also recently made the following trade(s):

• On Tuesday, June 23rd, Jean Francois Formela sold 119,005 shares of Korro Bio stock. The stock was sold at an average price of $14.25, for a total transaction of $1,695,821.25.
• On Monday, June 22nd, Jean Francois Formela sold 3,962 shares of Korro Bio stock. The stock was sold at an average price of $13.95, for a total transaction of $55,269.90.
• On Thursday, May 28th, Jean Francois Formela sold 2,860 shares of Korro Bio stock. The shares were sold at an average price of $13.95, for a total transaction of $39,897.00.

Korro Bio Trading Up 0.4%

Shares of NASDAQ KRRO opened at $13.77 on Thursday. The firm has a market cap of $198.56 million, a PE ratio of -1.18 and a beta of 3.00. Korro Bio, Inc. has a 1-year low of $5.20 and a 1-year high of $55.89. The company has a fifty day moving average price of $12.20 and a 200 day moving average price of $11.14.

Korro Bio (NASDAQ:KRRO) last released its earnings results on Thursday, May 7th. The company reported ($1.69) earnings per share (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%. Equities research analysts forecast that Korro Bio, Inc. will post -5.36 EPS for the current year.

Institutional Trading of Korro Bio

A number of hedge funds and other institutional investors have recently modified their holdings of KRRO. Affinity Asset Advisors LLC bought a new stake in Korro Bio during the first quarter worth about $8,002,000. Nantahala Capital Management LLC bought a new position in Korro Bio in the fourth quarter valued at approximately $4,806,000. ADAR1 Capital Management LLC acquired a new position in shares of Korro Bio during the 1st quarter worth approximately $6,113,000. TCG Crossover Management LLC acquired a new position in shares of Korro Bio during the 3rd quarter worth approximately $19,937,000. Finally, Vanguard Group Inc. raised its stake in shares of Korro Bio by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock worth $18,948,000 after purchasing an additional 8,921 shares in the last quarter. Institutional investors and hedge funds own 13.18% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. HC Wainwright dropped their target price on Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Raymond James Financial raised Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a research report on Friday, March 13th. Lifesci Capital upgraded shares of Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research report on Wednesday, April 8th. Finally, Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Korro Bio has an average rating of “Moderate Buy” and an average price target of $16.71.

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.