Korro Bio (NASDAQ:KRRO) Director Jean Francois Formela Sells 2,143 Shares

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 2,143 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $13.96, for a total value of $29,916.28. Following the transaction, the director owned 145,937 shares of the company’s stock, valued at $2,037,280.52. This represents a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 stock was sold at an average price of $13.96, for a total transaction of $130,149.08.
• On Thursday, July 2nd, Jean Francois Formela sold 100,700 shares of Korro Bio stock. The stock was sold at an average price of $14.03, for a total transaction 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 transaction 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 stock was sold at an average price of $13.95, for a total value of $39,897.00.

Korro Bio Stock Performance

NASDAQ KRRO traded down $0.06 on Thursday, hitting $13.29. 113,826 shares of the stock were exchanged, compared to its average volume of 200,926. Korro Bio, Inc. has a 52-week low of $5.20 and a 52-week high of $55.89. The firm has a market capitalization of $195.76 million, a P/E ratio of -1.33 and a beta of 3.04. The stock has a fifty day moving average price of $12.30 and a two-hundred day moving average price of $12.16.

Korro Bio (NASDAQ:KRRO) last announced its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, beating the consensus estimate of ($1.34) by $0.27. The business had revenue of $1.50 million for the quarter, compared to the consensus estimate of $0.21 million. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 114.26%. Sell-side analysts expect that Korro Bio, Inc. will post -4.97 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on KRRO. HC Wainwright dropped their target price 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Korro Bio in a report on Monday, July 6th. Lifesci Capital raised Korro Bio to a “strong-buy” rating in a research note on Friday, May 29th. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Finally, Citigroup began coverage on Korro Bio in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $16.71.

Institutional Investors Weigh In On Korro Bio

A number of institutional investors and hedge funds have recently bought and sold shares of KRRO. Ieq Capital LLC bought a new position in shares of Korro Bio during the 2nd quarter worth $280,000. BlackRock Inc. bought a new stake in shares of Korro Bio in the second quarter valued at about $10,776,000. Deutsche Bank AG purchased a new stake in Korro Bio in the second quarter worth about $210,000. Bank of New York Mellon Corp bought a new position in Korro Bio during the 2nd quarter worth about $418,000. Finally, Walleye Capital LLC bought a new position in Korro Bio during the 2nd quarter worth about $716,000. 13.18% of the stock is owned by institutional investors.

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.