Jean Francois Formela Sells 100,700 Shares of Korro Bio (NASDAQ:KRRO) Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 100,700 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $14.03, for a total transaction of $1,412,821.00. Following the completion of the sale, the director directly owned 154,811 shares in the company, valued at $2,171,998.33. This represents a 39.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 Monday, July 6th, Jean Francois Formela sold 9,323 shares of Korro Bio stock. The shares were sold at an average price of $13.96, for a total transaction of $130,149.08.
• 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 Tuesday, June 23rd, Jean Francois Formela sold 119,005 shares of Korro Bio stock. The stock was sold at an average price of $14.25, for a total transaction 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 stock was sold at an average price of $13.95, for a total transaction of $39,897.00.

Korro Bio Stock Performance

Shares of NASDAQ:KRRO opened at $14.72 on Thursday. The firm has a market capitalization of $212.26 million, a PE ratio of -1.26 and a beta of 3.00. Korro Bio, Inc. has a 52-week low of $5.20 and a 52-week high of $55.89. The firm has a fifty day moving average of $12.19 and a 200 day moving average of $11.55.

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 net margin of 1,834.48% and a negative return on equity of 117.86%. On average, sell-side analysts forecast that Korro Bio, Inc. will post -5.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Korro Bio

Institutional investors have recently added to or reduced their stakes in the company. Affinity Asset Advisors LLC purchased a new position in shares of Korro Bio in the first quarter valued at about $8,002,000. Nantahala Capital Management LLC purchased a new position in Korro Bio during the 4th quarter valued at about $4,806,000. ADAR1 Capital Management LLC purchased a new position in Korro Bio during the 1st quarter valued at about $6,113,000. TCG Crossover Management LLC bought a new position in Korro Bio during the 3rd quarter valued at approximately $19,937,000. Finally, Vanguard Group Inc. raised its position in Korro Bio by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock valued at $18,948,000 after purchasing an additional 8,921 shares during the last quarter. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Analyst Upgrades and Downgrades

KRRO has been the subject of a number of recent research reports. Cantor Fitzgerald boosted their target price on Korro Bio from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. HC Wainwright decreased their price target on shares of 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 upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a report on Friday, March 13th. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. Finally, Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.