Korro Bio (NASDAQ:KRRO) Director Jean Francois Formela Sells 26,587 Shares of Company Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Formela sold 26,587 shares of Korro Bio stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $15.08, for a total value of $400,931.96. Following the completion of the transaction, the director owned 128,089 shares of the company’s stock, valued at approximately $1,931,582.12. This trade represents a 17.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 Thursday, November 12th, Jean Formela sold 40,045 shares of Korro Bio stock. The shares were sold at an average price of $14.30, for a total value of $572,643.50.
• On Wednesday, August 26th, Jean Formela sold 300 shares of Korro Bio stock. The stock was sold at an average price of $13.96, for a total value of $4,188.00.
• On Wednesday, August 19th, Jean Formela sold 28,468 shares of Korro Bio stock. The stock was sold at an average price of $14.00, for a total value of $398,552.00.

Korro Bio Stock Performance

NASDAQ KRRO traded down $0.70 during trading hours on Friday, hitting $13.61. The company had a trading volume of 78,960 shares, compared to its average volume of 230,519. Korro Bio, Inc. has a 52 week low of $5.20 and a 52 week high of $17.35. The firm has a 50 day simple moving average of $11.86 and a 200 day simple moving average of $12.16. The firm has a market capitalization of $186.87 million, a price-to-earnings ratio of -1.50 and a beta of 3.23.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.98) earnings per share for the quarter, beating the consensus estimate of ($1.14) by $0.16. On average, research analysts forecast that Korro Bio, Inc. will post -4.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on KRRO shares. HC Wainwright reaffirmed a “buy” rating and set a $15.00 target price on shares of Korro Bio in a report on Tuesday, October 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a report on Friday, October 2nd. Jefferies Financial Group set a $15.00 price target on shares of Korro Bio in a research report on Tuesday, October 6th. Finally, Wall Street Zen upgraded shares of Korro Bio from a “sell” rating to a “hold” rating in a research report on Saturday, November 7th. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $17.29.

Institutional Investors Weigh In On Korro Bio

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in Korro Bio by 15.2% during the 1st quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock worth $246,000 after acquiring an additional 2,875 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in Korro Bio in the 3rd quarter worth approximately $54,000. Quantinno Capital Management LP lifted its position in Korro Bio by 30.4% in the first quarter. Quantinno Capital Management LP now owns 35,978 shares of the company’s stock valued at $407,000 after purchasing an additional 8,381 shares during the last quarter. Deutsche Bank AG bought a new stake in Korro Bio in the second quarter valued at approximately $210,000. Finally, Hsbc Holdings PLC bought a new stake in Korro Bio in the second quarter valued at approximately $233,000. 13.18% of the stock is owned by hedge funds and other institutional investors.

About Korro Bio

Korro Bio is a clinical-stage biotechnology company headquartered in Cambridge, Massachusetts. It develops RNA-editing medicines intended to address genetic diseases by changing specific RNA sequences rather than altering a patient’s DNA. The company’s OPERA platform uses oligonucleotides to direct the body’s naturally occurring ADAR enzymes to edit targeted RNA. Korro has developed KRRO-110, an investigational candidate designed to correct a disease-associated RNA change linked to alpha-1 antitrypsin deficiency.