Jean Francois Formela Sells 119,005 Shares of Korro Bio (NASDAQ:KRRO) Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 119,005 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $14.25, for a total value of $1,695,821.25. Following the completion of the transaction, the director owned 176,649 shares of the company’s stock, valued at approximately $2,517,248.25. This represents a 40.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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, 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 transaction of $707,679.18.
• 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 Trading Down 11.6%

Shares of KRRO opened at $12.17 on Friday. Korro Bio, Inc. has a 12-month low of $5.20 and a 12-month high of $55.89. The stock has a market cap of $175.49 million, a P/E ratio of -1.04 and a beta of 3.00. The company has a 50-day moving average of $12.16 and a two-hundred day moving average of $11.17.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Thursday, May 7th. The company reported ($1.69) 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, analysts forecast that Korro Bio, Inc. will post -5.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on KRRO. Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a report on Wednesday, April 8th. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Cantor Fitzgerald lifted their price objective on Korro Bio from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Citigroup initiated coverage on shares of Korro Bio in a research note on Monday, May 18th. They issued a “buy” rating and a $21.00 target price for the company. Finally, Raymond James Financial upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Friday, March 13th. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.71.

Institutional Investors Weigh In On Korro Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in KRRO. ADAR1 Capital Management LLC purchased a new position in Korro Bio during the first quarter worth about $6,113,000. Quantinno Capital Management LP grew its holdings in Korro Bio by 30.4% in the 1st quarter. Quantinno Capital Management LP now owns 35,978 shares of the company’s stock valued at $407,000 after buying an additional 8,381 shares during the period. Kalehua Capital Management LLC purchased a new stake in Korro Bio in the 1st quarter valued at about $1,238,000. Affinity Asset Advisors LLC acquired a new position in shares of Korro Bio during the 1st quarter valued at about $8,002,000. Finally, Renaissance Technologies LLC increased its stake in shares of Korro Bio by 81.9% during the 1st 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. Hedge funds and other institutional investors own 13.18% of the company’s stock.

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.