Korro Bio (NASDAQ:KRRO) Director Jean Francois Formela Sells 9,323 Shares

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 9,323 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $13.96, for a total value of $130,149.08. Following the transaction, the director directly owned 146,305 shares of the company’s stock, valued at $2,042,417.80. The trade was a 5.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through 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 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 transaction of $1,412,821.00.
• 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 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 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 transaction 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 transaction of $39,897.00.

Korro Bio Trading Up 3.1%

Shares of Korro Bio stock traded up $0.43 on Tuesday, hitting $14.49. 245,006 shares of the company traded hands, compared to its average volume of 211,665. Korro Bio, Inc. has a 12-month low of $5.20 and a 12-month high of $55.89. The company has a market cap of $208.95 million, a P/E ratio of -1.24 and a beta of 3.00. The firm’s 50-day simple moving average is $12.12 and its 200 day simple moving average is $11.45.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Thursday, May 7th. The company reported ($1.69) earnings per share (EPS) 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%. Analysts predict that Korro Bio, Inc. will post -5.36 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Russell Investments Group Ltd. bought a new stake in shares of Korro Bio in the 3rd quarter valued at about $39,000. Algert Global LLC bought a new position in Korro Bio during the 3rd quarter worth approximately $340,000. Wells Fargo & Company MN increased its stake in Korro Bio by 45.5% in the 4th quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after purchasing an additional 2,352 shares during the period. Alliancebernstein L.P. purchased a new position in Korro Bio in the 3rd quarter worth approximately $369,000. Finally, Blair William & Co. IL bought a new stake in Korro Bio in the third quarter valued at approximately $467,000. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on KRRO shares. Citigroup started coverage on Korro Bio in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 price objective on the stock. Cantor Fitzgerald boosted their target price on Korro Bio from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. HC Wainwright cut their target price 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. Lifesci Capital upgraded shares of Korro Bio to a “strong-buy” rating in a research report on Friday, May 29th. Finally, Raymond James Financial raised shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a research note on Friday, March 13th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.71.

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.