Korro Bio (NASDAQ:KRRO) Director Sells $1,412,821.00 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 100,700 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $14.03, for a total value of $1,412,821.00. Following the completion of the transaction, the director directly owned 154,811 shares of the company’s stock, valued at $2,171,998.33. The trade was a 39.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through 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 Monday, July 6th, Jean Francois Formela sold 9,323 shares of Korro Bio stock. The stock was sold at an average price of $13.96, for a total transaction of $130,149.08.
• 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 shares were 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 shares were 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 Stock Performance

KRRO stock opened at $14.30 on Friday. The firm has a market cap of $206.21 million, a PE ratio of -1.23 and a beta of 3.00. The firm’s fifty day moving average is $12.22 and its 200 day moving average is $11.59. Korro Bio, Inc. has a one year low of $5.20 and a one year high of $55.89.

Korro Bio (NASDAQ:KRRO) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.69) earnings per share for the quarter, missing analysts’ consensus estimates 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%. Research analysts predict that Korro Bio, Inc. will post -5.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on KRRO shares. Raymond James Financial upgraded Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a research report on Friday, March 13th. HC Wainwright reduced 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. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Lifesci Capital upgraded Korro Bio to a “strong-buy” rating in a research report on Friday, May 29th. Finally, Cantor Fitzgerald lifted their price target on shares of Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating 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 issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.71.

Institutional Trading of Korro Bio

Several large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new position in Korro Bio in the 3rd quarter valued at $39,000. Algert Global LLC purchased a new stake in shares of Korro Bio during the third quarter worth $340,000. Wells Fargo & Company MN grew 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. Alliancebernstein L.P. acquired a new stake in shares of Korro Bio in the third quarter valued at about $369,000. Finally, Blair William & Co. IL acquired a new stake in shares of Korro Bio in the third quarter valued at about $467,000. 13.18% of the stock is currently owned by hedge funds and other institutional investors.

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.