Insider Selling: Korro Bio (NASDAQ:KRRO) Director Sells 9,323 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 9,323 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $13.96, for a total value of $130,149.08. Following the completion of the sale, the director owned 146,305 shares in the company, valued at approximately $2,042,417.80. The trade was a 5.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 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 stock was 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 Monday, June 22nd, Jean Francois Formela sold 3,962 shares of Korro Bio stock. The shares were 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 shares were sold at an average price of $13.95, for a total transaction of $39,897.00.

Korro Bio Price Performance

NASDAQ:KRRO traded up $0.43 on Tuesday, reaching $14.49. 245,006 shares of the company’s stock were exchanged, compared to its average volume of 211,665. The firm has a market cap of $208.95 million, a price-to-earnings ratio of -1.24 and a beta of 3.00. The stock has a fifty day simple moving average of $12.12 and a 200-day simple moving average of $11.45. Korro Bio, Inc. has a 52 week low of $5.20 and a 52 week 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 net margin of 1,834.48% and a negative return on equity of 117.86%. As a group, sell-side analysts predict that Korro Bio, Inc. will post -5.36 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new position in shares of Korro Bio during the 3rd quarter valued at $39,000. Wells Fargo & Company MN raised its position in shares of Korro Bio by 45.5% in the fourth 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 stake in Korro Bio during the fourth quarter valued at $84,000. Jain Global LLC bought a new stake in Korro Bio during the fourth quarter valued at $85,000. Finally, Deutsche Bank AG grew its position in Korro Bio by 241.9% during the fourth quarter. Deutsche Bank AG now owns 12,758 shares of the company’s stock worth $102,000 after buying an additional 9,027 shares in the last quarter. 13.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on KRRO shares. Citigroup initiated coverage on Korro Bio in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 target price on the stock. 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 note on Tuesday, May 19th. Raymond James Financial raised Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price objective on the stock in a report on Friday, March 13th. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a report on Wednesday, April 8th. Three 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 assigned a Sell rating to the company. Based on data from MarketBeat, Korro Bio presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.71.

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.