Korro Bio (NASDAQ:KRRO) Director Sells 28,468 Shares

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 28,468 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $14.00, for a total transaction of $398,552.00. Following the completion of the transaction, the director owned 141,053 shares of the company’s stock, valued at $1,974,742. This trade represents a 16.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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, August 11th, Jean Francois Formela sold 2,143 shares of Korro Bio stock. The stock was sold at an average price of $13.96, for a total transaction of $29,916.28.
• On Monday, July 6th, Jean Francois Formela sold 9,323 shares of Korro Bio stock. The stock was sold at an average price of $13.96, for a total transaction of $130,149.08.
• On Thursday, July 2nd, Jean Francois Formela sold 100,700 shares of Korro Bio stock. The shares were sold at an average price of $14.03, for a total value of $1,412,821.00.
• On Wednesday, June 24th, Jean Francois Formela sold 48,438 shares of Korro Bio stock. The stock was sold at an average price of $14.61, for a total value of $707,679.18.
• 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 value of $1,695,821.25.
• On Monday, June 22nd, Jean Francois Formela sold 3,962 shares of Korro Bio stock. The shares were sold at an average price of $13.95, for a total value 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 value of $39,897.00.

Korro Bio Price Performance

KRRO stock traded up $0.22 during midday trading on Friday, hitting $13.18. The stock had a trading volume of 45,704 shares, compared to its average volume of 196,184. The business has a 50-day moving average of $12.60 and a two-hundred day moving average of $12.23. The firm has a market cap of $194.09 million, a price-to-earnings ratio of -1.32 and a beta of 3.04. Korro Bio, Inc. has a 52-week low of $5.20 and a 52-week high of $55.89.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, beating the consensus estimate of ($1.34) by $0.27. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%. Research analysts predict that Korro Bio, Inc. will post -4.97 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on KRRO. Citigroup initiated coverage on shares of Korro Bio in a research note on Monday, May 18th. They set a “buy” rating and a $21.00 price objective on the stock. JonesTrading upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a research report on Friday, May 29th. HC Wainwright restated a “buy” rating and issued a $15.00 price target on shares of Korro Bio in a research note on Thursday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research report on Monday, July 6th. Three 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 issued a Sell rating to the stock. According to data from MarketBeat, Korro Bio presently has a consensus rating of “Moderate Buy” and an average price target of $16.71.

Institutional Trading of Korro Bio

A number of institutional investors and hedge funds have recently modified their holdings of KRRO. Geode Capital Management LLC lifted its holdings in shares of Korro Bio by 10.8% during the second quarter. Geode Capital Management LLC now owns 155,387 shares of the company’s stock valued at $1,941,000 after purchasing an additional 15,166 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Korro Bio by 357.6% in the 2nd quarter. Raymond James Financial Inc. now owns 83,392 shares of the company’s stock worth $1,042,000 after buying an additional 65,170 shares in the last quarter. Bank of America Corp DE increased its holdings in Korro Bio by 520.0% in the 2nd quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock worth $352,000 after buying an additional 23,615 shares in the last quarter. Vanguard Group Inc. raised its position in Korro Bio by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock worth $18,948,000 after buying an additional 8,921 shares during the last quarter. Finally, Blair William & Co. IL purchased a new position in Korro Bio in the 3rd quarter worth about $467,000. Institutional investors own 13.18% of the company’s stock.

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.