Korro Bio (NASDAQ:KRRO) Director Jean Francois Formela Sells 2,860 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 2,860 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $13.95, for a total transaction of $39,897.00. Following the sale, the director directly owned 194,655 shares of the company’s stock, valued at approximately $2,715,437.25. This trade represents a 1.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Korro Bio Stock Down 3.6%

NASDAQ KRRO opened at $12.93 on Tuesday. The stock has a market cap of $186.49 million, a PE ratio of -1.11 and a beta of 3.07. Korro Bio, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $55.89. The business has a 50 day moving average price of $12.37 and a two-hundred day moving average price of $10.63.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Thursday, May 7th. The company reported ($1.69) earnings per share for the quarter, missing analysts’ consensus estimates 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%. Sell-side analysts anticipate that Korro Bio, Inc. will post -5.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

KRRO has been the subject of several research analyst reports. 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 note on Tuesday, May 19th. William Blair raised Korro Bio from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Korro Bio in a research report on Wednesday, April 8th. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a report on Friday. Finally, JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Korro Bio has an average rating of “Moderate Buy” and an average target price of $16.71.

Institutional Investors Weigh In On Korro Bio

Institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its holdings in shares of Korro Bio by 10.8% during the 2nd quarter. Geode Capital Management LLC now owns 155,387 shares of the company’s stock valued at $1,941,000 after buying an additional 15,166 shares during the last quarter. Raymond James Financial Inc. increased its position in Korro Bio by 357.6% in the 2nd quarter. Raymond James Financial Inc. now owns 83,392 shares of the company’s stock worth $1,042,000 after buying an additional 65,170 shares during the period. Bank of America Corp DE increased its position in Korro Bio by 520.0% in the 2nd quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock worth $352,000 after buying an additional 23,615 shares during the period. Wealth Forward LLC bought a new position in Korro Bio in the 3rd quarter worth approximately $240,000. Finally, PNC Financial Services Group Inc. bought a new stake in shares of Korro Bio during the third quarter valued at approximately $140,000. 13.18% of the stock is currently 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.