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

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 100,700 shares of the business’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $14.03, for a total value of $1,412,821.00. Following the completion of the transaction, the director directly owned 154,811 shares of the company’s stock, valued at approximately $2,171,998.33. This trade represents a 39.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 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 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 value of $707,679.18.
• On Tuesday, June 23rd, Jean Francois Formela sold 119,005 shares of Korro Bio stock. The shares were 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 shares were 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 shares were sold at an average price of $13.95, for a total value of $39,897.00.

Korro Bio Trading Up 3.1%

Korro Bio stock traded up $0.43 during mid-day trading on Tuesday, hitting $14.49. The company had a trading volume of 245,006 shares, compared to its average volume of 211,665. The company 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 12-month low of $5.20 and a 12-month high of $55.89. The company’s fifty day moving average is $12.12 and its 200-day moving average is $11.45.

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

Hedge Funds Weigh In On Korro Bio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in shares of Korro Bio by 6,185.5% during the third quarter. JPMorgan Chase & Co. now owns 199,249 shares of the company’s stock worth $9,542,000 after purchasing an additional 196,079 shares in the last quarter. Nantahala Capital Management LLC acquired a new position in shares of Korro Bio during the 4th quarter worth about $4,806,000. State Street Corp lifted its stake in Korro Bio by 17.4% in the 4th quarter. State Street Corp now owns 146,221 shares of the company’s stock valued at $1,171,000 after buying an additional 21,652 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Korro Bio by 85.4% in the 4th quarter. Renaissance Technologies LLC now owns 74,900 shares of the company’s stock worth $600,000 after buying an additional 34,500 shares during the last quarter. Finally, Alliancebernstein L.P. acquired a new stake in Korro Bio in the 3rd quarter worth about $369,000. 13.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on KRRO. Wall Street Zen upgraded shares of Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Raymond James Financial upgraded Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a research report on Friday, March 13th. HC Wainwright cut their price target on Korro Bio from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Citigroup assumed coverage on Korro Bio in a report on Monday, May 18th. They issued a “buy” rating and a $21.00 price target for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Korro Bio in a report on Wednesday, April 8th. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.