Korro Bio (NASDAQ:KRRO) Stock: Insider Jean Francois Formela Sells 40,045 Shares

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Formela sold 40,045 shares of Korro Bio stock in a transaction that occurred on Thursday, November 12th. The shares were sold at an average price of $14.30, for a total value of $572,643.50. Following the completion of the sale, the director directly owned 121,219 shares in the company, valued at approximately $1,733,431.70. This represents a 24.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 Wednesday, November 11th, Jean Formela sold 26,587 shares of Korro Bio stock. The shares were sold at an average price of $15.08, for a total value of $400,931.96.
• 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 value of $4,188.00.
• On Wednesday, August 19th, Jean Formela sold 28,468 shares of Korro Bio stock. The stock was sold at an average price of $14.00, for a total value of $398,552.00.

Korro Bio Price Performance

Shares of KRRO traded down $0.70 during mid-day trading on Friday, hitting $13.61. 78,960 shares of the company’s stock were exchanged, compared to its average volume of 230,519. The company has a market cap of $186.87 million, a PE ratio of -1.50 and a beta of 3.23. Korro Bio, Inc. has a 52 week low of $5.20 and a 52 week high of $17.35. The company has a 50-day simple moving average of $11.86 and a 200 day simple moving average of $12.16.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings data on Thursday, November 5th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.16. On average, analysts anticipate that Korro Bio, Inc. will post -4.45 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Korro Bio in the second quarter valued at $10,776,000. Affinity Asset Advisors LLC bought a new stake in Korro Bio during the first quarter worth $8,002,000. Nantahala Capital Management LLC lifted its stake in Korro Bio by 3.1% in the third quarter. Nantahala Capital Management LLC now owns 680,246 shares of the company’s stock valued at $6,741,000 after acquiring an additional 20,210 shares during the last quarter. ADAR1 Capital Management LLC acquired a new stake in Korro Bio in the second quarter valued at $7,118,000. Finally, Renaissance Technologies LLC lifted its stake in Korro Bio by 81.9% in the first quarter. Renaissance Technologies LLC now owns 136,227 shares of the company’s stock valued at $1,542,000 after acquiring an additional 61,327 shares during the last quarter. Institutional investors and hedge funds own 13.18% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Jefferies Financial Group set a $15.00 target price on shares of Korro Bio in a research report on Tuesday, October 6th. HC Wainwright reissued a “buy” rating and set a $15.00 price target on shares of Korro Bio in a research report on Tuesday, October 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research note on Friday, October 2nd. Finally, Wall Street Zen upgraded Korro Bio from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Korro Bio has a consensus rating of “Buy” and a consensus price target of $17.29.

About Korro Bio

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.