Insider Selling: Korro Bio (NASDAQ:KRRO) Insider Sells $37,016.94 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) insider Loic Vincent sold 3,418 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $10.83, for a total value of $37,016.94. Following the completion of the transaction, the insider directly owned 18,297 shares in the company, valued at approximately $198,156.51. This represents a 15.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Korro Bio Price Performance

KRRO stock opened at $12.99 on Friday. Korro Bio, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $55.89. The stock has a market capitalization of $187.32 million, a price-to-earnings ratio of -1.11 and a beta of 3.00. The business’s fifty day moving average price is $12.16 and its two-hundred day moving average price is $10.93.

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 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%. Research analysts expect that Korro Bio, Inc. will post -5.36 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. bought a new position in Korro Bio in the 3rd quarter valued at about $39,000. Wells Fargo & Company MN boosted its position in shares of Korro Bio by 45.5% during the 4th 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 in the last quarter. Bank of New York Mellon Corp increased its stake in Korro Bio by 15.2% in the first quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock valued at $246,000 after acquiring an additional 2,875 shares during the last quarter. PNC Financial Services Group Inc. bought a new position in Korro Bio in the third quarter valued at approximately $140,000. Finally, Millennium Management LLC raised its position in Korro Bio by 1.8% during the third quarter. Millennium Management LLC now owns 260,333 shares of the company’s stock valued at $12,467,000 after purchasing an additional 4,650 shares in the last quarter. Institutional investors and hedge funds own 13.18% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. HC Wainwright dropped their price target on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Cantor Fitzgerald boosted their price target on Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a research report on Wednesday, April 8th. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently 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.