Korro Bio (NASDAQ:KRRO) Director Sells $55,269.90 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 3,962 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $13.95, for a total value of $55,269.90. Following the sale, the director directly owned 194,075 shares in the company, valued at $2,707,346.25. The trade was a 2.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 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 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 value of $1,695,821.25.
• 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 value of $39,897.00.

Korro Bio Stock Performance

NASDAQ KRRO opened at $12.70 on Friday. The company has a market cap of $183.13 million, a P/E ratio of -1.09 and a beta of 3.00. The business’s 50 day moving average price is $12.14 and its 200-day moving average price is $11.18. Korro Bio, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $55.89.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Thursday, May 7th. The company reported ($1.69) earnings per share 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%. As a group, equities analysts predict that Korro Bio, Inc. will post -5.36 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. bought a new stake in Korro Bio during the 3rd quarter valued at about $39,000. Wells Fargo & Company MN increased its position 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 acquiring an additional 2,352 shares during the period. Guggenheim Capital LLC purchased a new position in shares of Korro Bio during the fourth quarter worth approximately $84,000. Jain Global LLC purchased a new position in shares of Korro Bio during the fourth quarter worth approximately $85,000. Finally, Deutsche Bank AG raised its stake in shares of Korro Bio by 241.9% during the fourth quarter. Deutsche Bank AG now owns 12,758 shares of the company’s stock valued at $102,000 after acquiring an additional 9,027 shares in the last quarter. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. JonesTrading upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a research report on Friday, May 29th. Cantor Fitzgerald raised their price objective on shares of Korro Bio from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, March 13th. Citigroup started coverage on Korro Bio in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 target price for the company. Finally, HC Wainwright cut their target price on Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Korro Bio presently has a consensus 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.