Jean Francois Formela Sells 119,005 Shares of Korro Bio (NASDAQ:KRRO) Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 119,005 shares of Korro Bio stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $14.25, for a total value of $1,695,821.25. Following the transaction, the director owned 176,649 shares of the company’s stock, valued at $2,517,248.25. The trade was a 40.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 stock was 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 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%

Korro Bio stock traded up $0.06 during mid-day trading on Wednesday, hitting $13.77. The company had a trading volume of 448,896 shares, compared to its average volume of 200,441. Korro Bio, Inc. has a 12-month low of $5.20 and a 12-month high of $55.89. The company’s fifty day moving average is $12.20 and its 200-day moving average is $11.14.

Korro Bio (NASDAQ:KRRO) last posted 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%. Analysts anticipate that Korro Bio, Inc. will post -5.36 earnings per share for the current year.

Hedge Funds Weigh In On Korro Bio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new stake in shares of Korro Bio in the third quarter valued at about $39,000. Wells Fargo & Company MN raised 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 purchasing an additional 2,352 shares during the last quarter. Guggenheim Capital LLC purchased a new position in Korro Bio in the 4th quarter valued at about $84,000. Jain Global LLC purchased a new position in Korro Bio in the 4th quarter valued at about $85,000. Finally, Deutsche Bank AG boosted 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 worth $102,000 after buying an additional 9,027 shares during the last quarter. 13.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KRRO has been the subject of a number of analyst reports. Raymond James Financial upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research report on Friday, March 13th. Cantor Fitzgerald lifted 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. 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. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Citigroup initiated coverage on Korro Bio in a report on Monday, May 18th. They issued a “buy” rating and a $21.00 price objective on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Korro Bio presently has an average rating of “Moderate Buy” and an average target price 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.