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

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 100,700 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $14.03, for a total transaction of $1,412,821.00. Following the transaction, the director owned 154,811 shares of the company’s stock, valued at $2,171,998.33. The trade was a 39.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 shares were 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 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 shares were sold at an average price of $13.95, for a total value of $39,897.00.

Korro Bio Price Performance

Shares of NASDAQ KRRO opened at $14.49 on Wednesday. The business has a 50-day moving average of $12.15 and a 200-day moving average of $11.50. The stock has a market capitalization of $208.95 million, a price-to-earnings ratio of -1.24 and a beta of 3.00. Korro Bio, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $55.89.

Korro Bio (NASDAQ:KRRO) last released its earnings results on Thursday, May 7th. The company reported ($1.69) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. On average, sell-side analysts expect that Korro Bio, Inc. will post -5.36 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. JonesTrading upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. HC Wainwright cut their price target on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Finally, Citigroup initiated coverage on shares of Korro Bio in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 price objective for the company. 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 given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.71.

Institutional Trading of Korro Bio

A number of hedge funds have recently made changes to their positions in KRRO. Affinity Asset Advisors LLC bought a new position in shares of Korro Bio in the first quarter valued at about $8,002,000. Nantahala Capital Management LLC bought a new stake in shares of Korro Bio during the 4th quarter worth about $4,806,000. ADAR1 Capital Management LLC acquired a new position in Korro Bio in the 1st quarter valued at about $6,113,000. TCG Crossover Management LLC acquired a new position in Korro Bio in the 3rd quarter valued at about $19,937,000. Finally, JPMorgan Chase & Co. grew its stake in Korro Bio by 6,185.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock valued at $9,542,000 after buying an additional 196,079 shares during the last quarter. 13.18% of the stock is owned by institutional investors and hedge funds.

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.