Insider Selling: Korro Bio (NASDAQ:KRRO) Director Sells 2,860 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 2,860 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $13.95, for a total value of $39,897.00. Following the sale, the director directly owned 194,655 shares of the company’s stock, valued at $2,715,437.25. This represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Korro Bio Stock Performance

NASDAQ:KRRO traded down $0.48 on Monday, hitting $12.93. 60,824 shares of the stock were exchanged, compared to its average volume of 198,146. The stock has a market capitalization of $186.45 million, a price-to-earnings ratio of -1.11 and a beta of 3.01. Korro Bio, Inc. has a 52 week low of $5.20 and a 52 week high of $55.89. The company’s 50-day moving average price is $12.37 and its 200 day moving average price is $10.63.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.69) earnings per share for the quarter, missing the consensus estimate 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%. As a group, equities research analysts predict that Korro Bio, Inc. will post -5.38 earnings per share for the current year.

Institutional Trading of Korro Bio

A number of large investors have recently bought and sold shares of the business. ADAR1 Capital Management LLC bought a new stake in Korro Bio during the 1st quarter worth approximately $6,113,000. Quantinno Capital Management LP increased its stake in Korro Bio by 30.4% during the 1st quarter. Quantinno Capital Management LP now owns 35,978 shares of the company’s stock worth $407,000 after purchasing an additional 8,381 shares in the last quarter. Kalehua Capital Management LLC bought a new stake in Korro Bio during the 1st quarter worth approximately $1,238,000. Affinity Asset Advisors LLC bought a new stake in Korro Bio during the 1st quarter worth approximately $8,002,000. Finally, Renaissance Technologies LLC increased its stake in Korro Bio by 81.9% during the 1st quarter. Renaissance Technologies LLC now owns 136,227 shares of the company’s stock worth $1,542,000 after purchasing an additional 61,327 shares in the last quarter. 13.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on KRRO shares. Cantor Fitzgerald boosted their price objective on Korro Bio from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, March 13th. William Blair raised Korro Bio from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 17th. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a research note on Friday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research note on Wednesday, April 8th. Three equities research 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $16.71.

Korro Bio Company Profile

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.