Insider Selling: Korro Bio (NASDAQ:KRRO) Director Sells 3,962 Shares

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 3,962 shares of the company’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 completion of the transaction, the director owned 194,075 shares of the company’s stock, valued at $2,707,346.25. The trade was a 2.00% 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 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 Price Performance

Shares of NASDAQ KRRO traded up $0.06 during midday trading on Wednesday, reaching $13.77. 448,896 shares of the stock traded hands, compared to its average volume of 200,441. The stock has a market capitalization of $198.56 million, a PE ratio of -1.18 and a beta of 3.00. Korro Bio, Inc. has a one year low of $5.20 and a one year high of $55.89. The company’s 50 day moving average is $12.20 and its 200 day moving average is $11.14.

Korro Bio (NASDAQ:KRRO) last announced 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 return on equity of 117.86% and a negative net margin of 1,834.48%. As a group, equities analysts forecast that Korro Bio, Inc. will post -5.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on KRRO shares. Raymond James Financial upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Friday, March 13th. Citigroup started coverage on Korro Bio in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 price target for the company. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. HC Wainwright decreased their price objective on Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Finally, Cantor Fitzgerald raised their price objective on Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. 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 given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.71.

Institutional Investors Weigh In On Korro Bio

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in shares of Korro Bio by 10.8% during the 2nd quarter. Geode Capital Management LLC now owns 155,387 shares of the company’s stock worth $1,941,000 after purchasing an additional 15,166 shares during the period. Raymond James Financial Inc. raised its position in Korro Bio by 357.6% in the 2nd quarter. Raymond James Financial Inc. now owns 83,392 shares of the company’s stock worth $1,042,000 after purchasing an additional 65,170 shares during the period. Bank of America Corp DE lifted its stake in Korro Bio by 520.0% in the second quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock worth $352,000 after purchasing an additional 23,615 shares during the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of Korro Bio during the third quarter valued at approximately $140,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Korro Bio by 6,185.5% during the third quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock valued at $9,542,000 after buying an additional 196,079 shares during the period. Hedge funds and other institutional investors own 13.18% of the company’s stock.

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.