Korro Bio (NASDAQ:KRRO) Director Jean Francois Formela Sells 3,962 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 3,962 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $13.95, for a total value of $55,269.90. Following the sale, the director owned 194,075 shares of the company’s stock, valued at approximately $2,707,346.25. The trade was a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 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 transaction of $1,695,821.25.
• 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 transaction of $39,897.00.

Korro Bio Stock Up 0.4%

Shares of Korro Bio stock opened at $13.77 on Thursday. The company has a market capitalization of $198.56 million, a price-to-earnings ratio of -1.18 and a beta of 3.00. Korro Bio, Inc. has a 12-month low of $5.20 and a 12-month high of $55.89. The firm’s 50-day moving average price is $12.20 and its two-hundred day moving average price is $11.14.

Korro Bio (NASDAQ:KRRO) last released its 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, sell-side analysts expect that Korro Bio, Inc. will post -5.36 earnings per share for the current year.

Hedge Funds Weigh In On Korro Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new stake in Korro Bio in the third quarter valued at approximately $39,000. Wells Fargo & Company MN increased its holdings in shares of Korro Bio by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after buying an additional 2,352 shares in the last quarter. Guggenheim Capital LLC bought a new position in shares of Korro Bio in the 4th quarter valued at $84,000. Jain Global LLC bought a new position in shares of Korro Bio in the 4th quarter valued at $85,000. Finally, Deutsche Bank AG boosted its holdings in shares of Korro Bio by 241.9% during the 4th quarter. Deutsche Bank AG now owns 12,758 shares of the company’s stock valued at $102,000 after acquiring an additional 9,027 shares in the last quarter. Institutional investors own 13.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Raymond James Financial upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research report on Friday, March 13th. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. JonesTrading upgraded Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. HC Wainwright lowered their price target on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research report on Wednesday, April 8th. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on 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.