Korro Bio (NASDAQ:KRRO) Director Jean Francois Formela Sells 28,468 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 28,468 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $14.00, for a total value of $398,552.00. Following the completion of the transaction, the director owned 141,053 shares of the company’s stock, valued at $1,974,742. This represents a 16.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 Tuesday, August 11th, Jean Francois Formela sold 2,143 shares of Korro Bio stock. The shares were sold at an average price of $13.96, for a total value of $29,916.28.
• On Monday, July 6th, Jean Francois Formela sold 9,323 shares of Korro Bio stock. The stock was sold at an average price of $13.96, for a total value of $130,149.08.
• On Thursday, July 2nd, Jean Francois Formela sold 100,700 shares of Korro Bio stock. The stock was sold at an average price of $14.03, for a total value of $1,412,821.00.
• 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 transaction 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 transaction 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 transaction of $55,269.90.
• 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 transaction of $39,897.00.

Korro Bio Stock Up 1.7%

Shares of Korro Bio stock opened at $13.18 on Friday. Korro Bio, Inc. has a twelve month low of $5.20 and a twelve month high of $55.89. The company’s 50 day moving average is $12.63 and its 200 day moving average is $12.24. The company has a market cap of $194.14 million, a price-to-earnings ratio of -1.32 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.27. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 114.26%. Sell-side analysts expect that Korro Bio, Inc. will post -4.97 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on KRRO. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. HC Wainwright reaffirmed a “buy” rating and set a $15.00 target price on shares of Korro Bio in a report on Thursday. JonesTrading upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Finally, Citigroup started coverage on shares of Korro Bio in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 price objective for the company. Three investment 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 issued a Sell rating to the stock. According to MarketBeat.com, Korro Bio presently has an average rating of “Moderate Buy” and a consensus target price of $16.71.

Institutional Investors Weigh In On Korro Bio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in 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 acquiring an additional 15,166 shares during the period. Raymond James Financial Inc. raised its position in shares of Korro Bio by 357.6% during the 2nd quarter. Raymond James Financial Inc. now owns 83,392 shares of the company’s stock valued at $1,042,000 after purchasing an additional 65,170 shares during the period. Bank of America Corp DE raised its position in shares of Korro Bio by 520.0% during the 2nd quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock valued at $352,000 after purchasing an additional 23,615 shares during the period. Vanguard Group Inc. increased its stake in Korro Bio by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock worth $18,948,000 after buying an additional 8,921 shares in the last quarter. Finally, Blair William & Co. IL bought a new stake in Korro Bio during the third quarter valued at about $467,000. 13.18% of the stock is owned by hedge funds and other institutional investors.

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.