Loic Vincent Sells 3,418 Shares of Korro Bio (NASDAQ:KRRO) Stock

Korro Bio, Inc. (NASDAQ:KRRO) insider Loic Vincent sold 3,418 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.83, for a total transaction of $37,016.94. Following the sale, the insider owned 18,297 shares of the company’s stock, valued at $198,156.51. This trade represents a 15.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Korro Bio Trading Up 17.6%

Korro Bio stock opened at $12.99 on Friday. Korro Bio, Inc. has a 12 month low of $5.20 and a 12 month high of $55.89. The stock’s 50 day moving average is $12.17 and its 200-day moving average is $10.92. The company has a market capitalization of $187.32 million, a price-to-earnings ratio of -1.11 and a beta of 3.00.

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 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%. As a group, equities research analysts predict that Korro Bio, Inc. will post -5.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

KRRO has been the subject of a number of recent research reports. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a research report on Friday, May 29th. Raymond James Financial upgraded shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Friday, March 13th. Wall Street Zen raised shares of Korro Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research report on Wednesday, April 8th. Finally, Citigroup started coverage on shares of Korro Bio in a report on Monday, May 18th. They set a “buy” rating and a $21.00 target price on the stock. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.71.

Institutional Trading of Korro Bio

Large investors have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new position in Korro Bio in the third quarter valued at about $39,000. PNC Financial Services Group Inc. acquired a new stake in Korro Bio during the third quarter worth about $140,000. Algert Global LLC bought a new position in Korro Bio in the 3rd quarter valued at about $340,000. Wells Fargo & Company MN increased its holdings 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 buying an additional 2,352 shares during the period. Finally, Alliancebernstein L.P. acquired a new position in shares of Korro Bio in the 3rd quarter valued at approximately $369,000. 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.