Insider Selling: Korro Bio (NASDAQ:KRRO) COO Sells $34,309.44 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) COO Todd Chappell sold 3,168 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.83, for a total transaction of $34,309.44. Following the sale, the chief operating officer directly owned 16,964 shares in the company, valued at approximately $183,720.12. The trade was a 15.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Korro Bio Price Performance

Shares of KRRO stock opened at $12.99 on Friday. The company has a 50 day moving average price of $12.16 and a 200-day moving average price of $10.93. Korro Bio, Inc. has a 52 week low of $5.20 and a 52 week high of $55.89. The firm has a market capitalization of $187.32 million, a PE ratio of -1.11 and a beta of 3.00.

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 net margin of 1,834.48% and a negative return on equity of 117.86%. Analysts anticipate that Korro Bio, Inc. will post -5.36 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. ADAR1 Capital Management LLC purchased a new stake in shares of Korro Bio in the 1st quarter worth $6,113,000. Quantinno Capital Management LP grew its holdings in Korro Bio by 30.4% during the first quarter. Quantinno Capital Management LP now owns 35,978 shares of the company’s stock valued at $407,000 after purchasing an additional 8,381 shares during the period. Kalehua Capital Management LLC bought a new stake in Korro Bio during the first quarter valued at about $1,238,000. Affinity Asset Advisors LLC purchased a new stake in Korro Bio in the first quarter worth about $8,002,000. Finally, Renaissance Technologies LLC increased its position in Korro Bio by 81.9% in the first 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.

Analyst Ratings Changes

Several equities analysts have recently weighed in on KRRO shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a report on Wednesday, April 8th. HC Wainwright cut their price objective on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Lifesci Capital upgraded Korro Bio to a “strong-buy” rating in a research report on Friday, May 29th. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Finally, JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Three equities 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company 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.