Korro Bio (NASDAQ:KRRO) Director Sells $1,695,821.25 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 119,005 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $14.25, for a total transaction of $1,695,821.25. Following the completion of the sale, the director directly owned 176,649 shares of the company’s stock, valued at approximately $2,517,248.25. This trade represents a 40.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 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 value of $707,679.18.
• 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 value 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 Up 4.4%

Korro Bio stock opened at $12.70 on Friday. The firm has a market cap of $183.13 million, a P/E ratio of -1.09 and a beta of 3.00. The business has a fifty day moving average of $12.14 and a two-hundred day moving average of $11.18. Korro Bio, Inc. has a twelve month low of $5.20 and a twelve month high of $55.89.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Thursday, May 7th. The company reported ($1.69) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. Equities analysts expect that Korro Bio, Inc. will post -5.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on KRRO shares. HC Wainwright dropped their price objective on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research note on Wednesday, April 8th. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Raymond James Financial upgraded Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Friday, March 13th. Finally, JonesTrading raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.71.

Hedge Funds Weigh In On Korro Bio

Hedge funds and other institutional investors have recently bought and sold shares of the company. Affinity Asset Advisors LLC purchased a new stake in Korro Bio in the 1st quarter valued at approximately $8,002,000. Nantahala Capital Management LLC purchased a new position in Korro Bio in the fourth quarter worth $4,806,000. ADAR1 Capital Management LLC purchased a new position in Korro Bio in the first quarter worth $6,113,000. TCG Crossover Management LLC acquired a new stake in Korro Bio in the third quarter valued at $19,937,000. Finally, JPMorgan Chase & Co. lifted its holdings in Korro Bio by 6,185.5% in the third quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock valued at $9,542,000 after acquiring an additional 196,079 shares during the period. 13.18% of the stock is currently owned by hedge funds and other institutional investors.

Korro Bio Company Profile

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.