Insider Selling: Korro Bio (NASDAQ:KRRO) Director Sells 26,587 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Formela sold 26,587 shares of Korro Bio stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $15.08, for a total transaction of $400,931.96. Following the completion of the sale, the director owned 128,089 shares of the company’s stock, valued at approximately $1,931,582.12. The trade was a 17.19% decrease in their ownership of the stock. The transaction 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 Price Performance

Korro Bio stock traded down $0.70 during mid-day trading on Friday, reaching $13.61. 78,960 shares of the company were exchanged, compared to its average volume of 194,758. The company has a fifty day simple moving average of $11.82 and a 200-day simple moving average of $12.15. Korro Bio, Inc. has a 12 month low of $5.20 and a 12 month high of $17.35. The firm has a market cap of $186.87 million, a PE ratio of -1.50 and a beta of 3.23.

Korro Bio (NASDAQ:KRRO) last announced its quarterly earnings data 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. Sell-side analysts anticipate that Korro Bio, Inc. will post -4.45 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in KRRO. BlackRock Inc. bought a new stake in Korro Bio during the second quarter worth $10,776,000. Nantahala Capital Management LLC bought a new position in shares of Korro Bio in the 2nd quarter valued at $8,699,274. Affinity Asset Advisors LLC acquired a new position in shares of Korro Bio during the 1st quarter worth $8,002,000. ADAR1 Capital Management LLC acquired a new position in shares of Korro Bio during the 2nd quarter worth $7,118,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Korro Bio by 81.9% during the 1st quarter. Renaissance Technologies LLC now owns 136,227 shares of the company’s stock worth $1,542,000 after buying an additional 61,327 shares in the last quarter. 13.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Korro Bio Company Profile

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.