Insider Selling: Korro Bio (NASDAQ:KRRO) Director Sells $707,679.18 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 48,438 shares of Korro Bio stock in a transaction dated Wednesday, June 24th. The stock was 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 in the company, valued at $2,477,213.16. The trade was a 22.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 Tuesday, June 23rd, Jean Francois Formela sold 119,005 shares of Korro Bio stock. The stock was 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 4.4%

Shares of Korro Bio stock opened at $12.70 on Friday. The company’s fifty day simple moving average is $12.14 and its 200-day simple moving average is $11.18. The company has a market cap of $183.13 million, a price-to-earnings ratio of -1.09 and a beta of 3.00. Korro Bio, Inc. has a 1 year low of $5.20 and a 1 year high of $55.89.

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

Analysts Set New Price Targets

A number of analysts have commented on KRRO shares. Citigroup began coverage on Korro Bio in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 price objective for the company. Lifesci Capital upgraded Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. HC Wainwright reduced their target price on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a research note on Wednesday, April 8th. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $16.71.

Institutional Investors Weigh In On Korro Bio

A number of institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. bought a new stake in shares of Korro Bio in the 3rd quarter valued at approximately $39,000. Wells Fargo & Company MN raised its holdings in shares of Korro Bio by 45.5% in the 4th quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after buying an additional 2,352 shares in the last quarter. Guggenheim Capital LLC bought a new position in shares of Korro Bio during the 4th quarter worth approximately $84,000. Jain Global LLC bought a new position in shares of Korro Bio during the 4th quarter worth approximately $85,000. Finally, Deutsche Bank AG boosted its stake 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 buying an additional 9,027 shares in the last quarter. 13.18% of the stock is owned by institutional investors and hedge funds.

Korro Bio Company Profile

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.