Korro Bio (NASDAQ:KRRO) Director Jean Francois Formela Sells 119,005 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 119,005 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $14.25, for a total transaction of $1,695,821.25. Following the completion of the transaction, the director owned 176,649 shares in the company, valued at $2,517,248.25. This represents a 40.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 Wednesday, June 24th, Jean Francois Formela sold 48,438 shares of Korro Bio stock. The shares were sold at an average price of $14.61, for a total transaction of $707,679.18.
• 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 value of $55,269.90.
• On Thursday, May 28th, Jean Francois Formela sold 2,860 shares of Korro Bio stock. The stock was sold at an average price of $13.95, for a total value of $39,897.00.

Korro Bio Stock Up 0.4%

Shares of NASDAQ KRRO opened at $13.77 on Thursday. Korro Bio, Inc. has a twelve month low of $5.20 and a twelve month high of $55.89. The firm has a market cap of $198.56 million, a PE ratio of -1.18 and a beta of 3.00. The business has a fifty day simple moving average of $12.20 and a two-hundred day simple moving average of $11.14.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.69) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.09). Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 117.86%. On average, research analysts expect that Korro Bio, Inc. will post -5.36 earnings per share for the current year.

Institutional Trading of Korro Bio

A number of institutional investors have recently made changes to their positions in the business. ADAR1 Capital Management LLC purchased a new position in Korro Bio during the 1st quarter worth $6,113,000. Quantinno Capital Management LP raised its stake 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 buying an additional 8,381 shares during the last quarter. Kalehua Capital Management LLC purchased a new stake in Korro Bio in the first quarter valued at about $1,238,000. Affinity Asset Advisors LLC acquired a new stake in Korro Bio in the first quarter worth about $8,002,000. Finally, Renaissance Technologies LLC boosted its holdings in Korro Bio by 81.9% in the first quarter. Renaissance Technologies LLC now owns 136,227 shares of the company’s stock worth $1,542,000 after acquiring an additional 61,327 shares in the last quarter. Institutional investors and hedge funds own 13.18% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on KRRO shares. Raymond James Financial raised shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price objective on the stock in a report on Friday, March 13th. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. HC Wainwright decreased their price objective on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Cantor Fitzgerald raised their price objective on Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Finally, Citigroup began coverage on Korro Bio in a research note on Monday, May 18th. They issued a “buy” rating and a $21.00 target price on the stock. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Korro Bio currently has an average rating of “Moderate Buy” and a consensus price target 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.