Korro Bio (NASDAQ:KRRO) Director Sells $400,931.96 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Formela sold 26,587 shares of the stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $15.08, for a total transaction of $400,931.96. Following the completion of the sale, the director owned 128,089 shares of the company’s stock, valued at approximately $1,931,582.12. This represents a 17.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 Thursday, November 12th, Jean Formela sold 40,045 shares of Korro Bio stock. The shares were sold at an average price of $14.30, for a total transaction of $572,643.50.
• On Wednesday, August 26th, Jean Formela sold 300 shares of Korro Bio stock. The stock was sold at an average price of $13.96, for a total transaction of $4,188.00.
• On Wednesday, August 19th, Jean Formela sold 28,468 shares of Korro Bio stock. The shares were sold at an average price of $14.00, for a total transaction of $398,552.00.

Korro Bio Stock Performance

NASDAQ:KRRO traded down $0.70 during mid-day trading on Friday, hitting $13.61. The stock had a trading volume of 78,960 shares, compared to its average volume of 194,758. Korro Bio, Inc. has a twelve month low of $5.20 and a twelve month high of $17.35. The stock has a market cap of $186.87 million, a price-to-earnings ratio of -1.50 and a beta of 3.23. The company’s 50 day simple moving average is $11.82 and its 200 day simple moving average is $12.15.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.98) EPS for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.16. As a group, equities analysts forecast that Korro Bio, Inc. will post -4.45 earnings per share for the current year.

Institutional Investors Weigh In On Korro Bio

Hedge funds have recently bought and sold shares of the stock. Nantahala Capital Management LLC boosted its holdings in shares of Korro Bio by 3.1% during the third quarter. Nantahala Capital Management LLC now owns 680,246 shares of the company’s stock worth $6,741,000 after acquiring an additional 20,210 shares during the period. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Korro Bio during the third quarter worth $54,000. North Star Investment Management Corp. boosted its position in shares of Korro Bio by 1,044.4% in the third quarter. North Star Investment Management Corp. now owns 20,600 shares of the company’s stock valued at $204,000 after acquiring an additional 18,800 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Korro Bio in the second quarter valued at about $233,000. Finally, Bank of America Corp DE bought a new position in Korro Bio during the second quarter worth about $681,000. 13.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on KRRO shares. Jefferies Financial Group set a $15.00 price objective on Korro Bio in a research report on Tuesday, October 6th. Wall Street Zen raised Korro Bio from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research note on Friday, October 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $15.00 price target on shares of Korro Bio in a report on Tuesday, October 6th. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $17.29.

Korro Bio Company Profile

Korro Bio is a clinical-stage biotechnology company headquartered in Cambridge, Massachusetts. It develops RNA-editing medicines intended to address genetic diseases by changing specific RNA sequences rather than altering a patient’s DNA. The company’s OPERA platform uses oligonucleotides to direct the body’s naturally occurring ADAR enzymes to edit targeted RNA. Korro has developed KRRO-110, an investigational candidate designed to correct a disease-associated RNA change linked to alpha-1 antitrypsin deficiency.