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

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 9,323 shares of the firm’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 in the company, valued at approximately $2,042,417.80. The trade was a 5.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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, 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 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 shares were sold at an average price of $13.95, for a total value of $39,897.00.

Korro Bio Stock Performance

KRRO opened at $14.49 on Wednesday. Korro Bio, Inc. has a 1 year low of $5.20 and a 1 year high of $55.89. The firm has a 50 day moving average price of $12.15 and a 200 day moving average price of $11.50. The company has a market cap of $208.95 million, a PE ratio of -1.24 and a beta of 3.00.

Korro Bio (NASDAQ:KRRO) last released its quarterly 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 return on equity of 117.86% and a negative net margin of 1,834.48%. On average, sell-side analysts predict that Korro Bio, Inc. will post -5.36 earnings per share for the current year.

Institutional Trading of Korro Bio

A number of hedge funds have recently made changes to their positions in the stock. Affinity Asset Advisors LLC acquired a new stake in shares of Korro Bio in the first quarter worth about $8,002,000. Nantahala Capital Management LLC acquired a new stake in Korro Bio in the 4th quarter worth approximately $4,806,000. ADAR1 Capital Management LLC bought a new stake in Korro Bio during the first quarter worth approximately $6,113,000. TCG Crossover Management LLC bought a new stake in Korro Bio during the third quarter worth approximately $19,937,000. Finally, JPMorgan Chase & Co. grew its holdings in Korro Bio by 6,185.5% during the third quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock valued at $9,542,000 after purchasing an additional 196,079 shares during the last quarter. 13.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KRRO has been the topic of several research reports. Citigroup initiated coverage on shares of Korro Bio in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 price target on the stock. Raymond James Financial raised Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a report on Friday, March 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research note on Wednesday, April 8th. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Finally, Cantor Fitzgerald upped their target price on Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, March 13th. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Korro Bio has an average rating of “Moderate Buy” and a consensus 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.