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

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 value 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. The trade was a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Korro Bio Price Performance

NASDAQ:KRRO traded down $0.48 during trading hours on Monday, reaching $12.93. 60,824 shares of the stock were exchanged, compared to its average volume of 198,146. Korro Bio, Inc. has a twelve month low of $5.20 and a twelve month high of $55.89. The firm has a 50 day moving average of $12.37 and a 200 day moving average of $10.63. The stock has a market cap of $186.45 million, a PE ratio of -1.11 and a beta of 3.01.

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%. Equities research analysts anticipate that Korro Bio, Inc. will post -5.38 earnings per share for the current year.

Institutional Investors Weigh In On Korro Bio

Several large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new stake in shares of Korro Bio in the 3rd quarter valued at approximately $39,000. Wells Fargo & Company MN raised its stake in Korro Bio by 45.5% in the 4th quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after acquiring an additional 2,352 shares during the period. Bank of New York Mellon Corp raised its stake in Korro Bio by 15.2% in the 1st quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company’s stock valued at $246,000 after acquiring an additional 2,875 shares during the period. PNC Financial Services Group Inc. bought a new stake in Korro Bio in the 3rd quarter valued at $140,000. Finally, Millennium Management LLC raised its stake in 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 acquiring an additional 4,650 shares during the period. Institutional investors and hedge funds own 13.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. HC Wainwright reduced their price target 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. William Blair raised Korro Bio from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 17th. 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 research report on Friday, March 13th. Finally, JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average 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.