Insider Selling: Korro Bio (NASDAQ:KRRO) CEO Sells $196,672.96 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) CEO Ram Aiyar sold 15,152 shares of Korro Bio stock in a transaction on Friday, May 29th. The shares were sold at an average price of $12.98, for a total value of $196,672.96. Following the completion of the transaction, the chief executive officer owned 74,848 shares in the company, valued at $971,527.04. The trade was a 16.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Korro Bio Trading Up 0.9%

Shares of Korro Bio stock opened at $11.18 on Friday. Korro Bio, Inc. has a twelve month low of $5.20 and a twelve month high of $55.89. The stock has a market capitalization of $161.25 million, a P/E ratio of -0.96 and a beta of 3.00. The business’s fifty day moving average price is $12.38 and its 200 day moving average price is $10.55.

Korro Bio (NASDAQ:KRRO) last issued its earnings results 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 net margin of 1,834.48% and a negative return on equity of 117.86%. As a group, sell-side analysts predict that Korro Bio, Inc. will post -5.36 EPS for the current year.

Institutional Investors Weigh In On Korro Bio

Several institutional investors and hedge funds have recently modified their holdings of KRRO. Affinity Asset Advisors LLC purchased a new stake in shares of Korro Bio in the first quarter worth about $8,002,000. Nantahala Capital Management LLC purchased a new stake in shares of Korro Bio in the fourth quarter worth about $4,806,000. ADAR1 Capital Management LLC purchased a new stake in shares of Korro Bio in the first quarter worth about $6,113,000. TCG Crossover Management LLC purchased a new stake in shares of Korro Bio in the third quarter worth about $19,937,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Korro Bio by 6,185.5% in the third quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock worth $9,542,000 after acquiring an additional 196,079 shares in the last quarter. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Wall Street Analysts Forecast Growth

KRRO has been the topic of a number of research analyst reports. Clear Str upgraded Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Raymond James Financial upgraded Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Friday, March 13th. William Blair upgraded Korro Bio from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 17th. Lifesci Capital upgraded Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. Finally, HC Wainwright decreased their target price on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.