Jean Francois Formela Sells 48,438 Shares of Korro Bio (NASDAQ:KRRO) Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 48,438 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $14.61, for a total value of $707,679.18. Following the transaction, the director owned 169,556 shares of the company’s stock, valued at approximately $2,477,213.16. This trade represents a 22.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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, 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 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 Price Performance

NASDAQ:KRRO opened at $12.17 on Friday. The stock has a market cap of $175.49 million, a P/E ratio of -1.04 and a beta of 3.00. Korro Bio, Inc. has a one year low of $5.20 and a one year high of $55.89. The company has a fifty day moving average price of $12.16 and a 200 day moving average price of $11.17.

Korro Bio (NASDAQ:KRRO) last issued 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 net margin of 1,834.48% and a negative return on equity of 117.86%. As a group, equities research analysts anticipate that Korro Bio, Inc. will post -5.36 EPS for the current year.

Institutional Trading of Korro Bio

Institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. bought a new stake in Korro Bio in the third quarter valued at about $39,000. Wells Fargo & Company MN lifted its stake in Korro Bio by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock worth $60,000 after purchasing an additional 2,352 shares during the period. Bank of New York Mellon Corp boosted its holdings in Korro Bio by 15.2% during the first quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock valued at $246,000 after purchasing an additional 2,875 shares in the last quarter. PNC Financial Services Group Inc. bought a new stake in shares of Korro Bio in the 3rd quarter valued at approximately $140,000. Finally, Millennium Management LLC grew its stake in shares of Korro Bio by 1.8% in the 3rd quarter. Millennium Management LLC now owns 260,333 shares of the company’s stock valued at $12,467,000 after purchasing an additional 4,650 shares during the period. 13.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Cantor Fitzgerald increased their target price on shares of Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Raymond James Financial raised Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a report on Friday, March 13th. HC Wainwright reduced their price objective on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Lifesci Capital upgraded Korro Bio to a “strong-buy” rating in a research report on Friday, May 29th. Finally, JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Korro Bio currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.71.

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.