Jean Francois Formela Sells 48,438 Shares of Korro Bio (NASDAQ:KRRO) Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 48,438 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $14.61, for a total value of $707,679.18. Following the completion of the transaction, the director owned 169,556 shares of the company’s stock, valued at $2,477,213.16. The trade was a 22.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 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 Monday, June 22nd, Jean Francois Formela sold 3,962 shares of Korro Bio stock. The stock was 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 shares were sold at an average price of $13.95, for a total value of $39,897.00.

Korro Bio Trading Up 0.4%

Shares of NASDAQ:KRRO traded up $0.06 during trading on Wednesday, hitting $13.77. 448,896 shares of the company were exchanged, compared to its average volume of 200,441. 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 cap of $198.56 million, a price-to-earnings ratio of -1.18 and a beta of 3.00. The firm has a fifty day moving average price of $12.20 and a two-hundred day moving average price of $11.14.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings data 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 net margin of 1,834.48% and a negative return on equity of 117.86%. As a group, research analysts predict that Korro Bio, Inc. will post -5.36 EPS for the current year.

Hedge Funds Weigh In On Korro Bio

Several large investors have recently modified their holdings of KRRO. JPMorgan Chase & Co. lifted its stake in shares of Korro Bio by 6,185.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock worth $9,542,000 after buying an additional 196,079 shares during the last quarter. Marshall Wace LLP acquired a new position in Korro Bio in the 4th quarter valued at about $158,000. Deutsche Bank AG raised its holdings in Korro Bio by 241.9% in the 4th 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 during the period. Jain Global LLC acquired a new stake in Korro Bio during the fourth quarter worth approximately $85,000. Finally, Guggenheim Capital LLC acquired a new stake in Korro Bio during the fourth quarter worth approximately $84,000. 13.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research note on Wednesday, April 8th. Citigroup assumed coverage on shares of Korro Bio in a research note on Monday, May 18th. They issued a “buy” rating and a $21.00 target price for the company. HC Wainwright reduced their price target on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Cantor Fitzgerald boosted their price target on Korro Bio from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Finally, Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently 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.