Jean Francois Formela Sells 28,468 Shares of Korro Bio (NASDAQ:KRRO) Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 28,468 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $14.00, for a total value of $398,552.00. Following the sale, the director directly owned 141,053 shares of the company’s stock, valued at $1,974,742. This represents a 16.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 Tuesday, August 11th, Jean Francois Formela sold 2,143 shares of Korro Bio stock. The shares were sold at an average price of $13.96, for a total transaction of $29,916.28.
• On Monday, July 6th, Jean Francois Formela sold 9,323 shares of Korro Bio stock. The stock was sold at an average price of $13.96, for a total value of $130,149.08.
• On Thursday, July 2nd, Jean Francois Formela sold 100,700 shares of Korro Bio stock. The shares were sold at an average price of $14.03, for a total value of $1,412,821.00.
• 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 value 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 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 value 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 value of $39,897.00.

Korro Bio Trading Up 1.7%

Shares of KRRO opened at $13.18 on Friday. The business’s 50 day moving average is $12.63 and its 200 day moving average is $12.24. Korro Bio, Inc. has a 12-month low of $5.20 and a 12-month high of $55.89. The company has a market capitalization of $194.14 million, a PE ratio of -1.32 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.27. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%. Equities research analysts predict that Korro Bio, Inc. will post -4.97 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Kalehua Capital Management LLC purchased a new stake in shares of Korro Bio during the 1st quarter valued at about $1,238,000. Affinity Asset Advisors LLC purchased a new position in Korro Bio in the first quarter worth about $8,002,000. ADAR1 Capital Management LLC purchased a new position in Korro Bio in the first quarter worth about $6,113,000. Renaissance Technologies LLC increased its stake in Korro Bio by 81.9% during the first quarter. Renaissance Technologies LLC now owns 136,227 shares of the company’s stock worth $1,542,000 after acquiring an additional 61,327 shares during the last quarter. Finally, Walleye Capital LLC purchased a new stake in Korro Bio during the second quarter valued at approximately $716,000. 13.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on KRRO shares. Lifesci Capital upgraded shares of Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. Citigroup started coverage on shares of Korro Bio in a report on Monday, May 18th. They set a “buy” rating and a $21.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research report on Monday, July 6th. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $15.00 target price on shares of Korro Bio in a research report on Thursday. Three research 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 stock. According to data from MarketBeat.com, Korro Bio 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.