Korro Bio (NASDAQ:KRRO) COO Todd Chappell Sells 3,168 Shares of Stock

Korro Bio, Inc. (NASDAQ:KRRO) COO Todd Chappell sold 3,168 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.83, for a total transaction of $34,309.44. Following the completion of the sale, the chief operating officer owned 16,964 shares of the company’s stock, valued at approximately $183,720.12. This trade represents a 15.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Korro Bio Stock Up 3.7%

Shares of KRRO stock opened at $11.05 on Thursday. The company has a 50 day moving average of $12.19 and a 200-day moving average of $10.87. Korro Bio, Inc. has a 12-month low of $5.20 and a 12-month high of $55.89. The firm has a market cap of $159.34 million, a P/E ratio of -0.95 and a beta of 3.00.

Korro Bio (NASDAQ:KRRO) last issued its quarterly 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%. As a group, equities analysts expect that Korro Bio, Inc. will post -5.36 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of KRRO. Geode Capital Management LLC boosted its holdings in Korro Bio by 10.8% in the 2nd quarter. Geode Capital Management LLC now owns 155,387 shares of the company’s stock valued at $1,941,000 after purchasing an additional 15,166 shares during the period. Raymond James Financial Inc. boosted its holdings in Korro Bio by 357.6% in the 2nd quarter. Raymond James Financial Inc. now owns 83,392 shares of the company’s stock valued at $1,042,000 after purchasing an additional 65,170 shares during the period. Bank of America Corp DE boosted its holdings in Korro Bio by 520.0% in the 2nd quarter. Bank of America Corp DE now owns 28,156 shares of the company’s stock valued at $352,000 after purchasing an additional 23,615 shares during the period. PNC Financial Services Group Inc. bought a new position in Korro Bio in the 3rd quarter valued at $140,000. Finally, JPMorgan Chase & Co. boosted its holdings 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 purchasing an additional 196,079 shares during the period. 13.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

KRRO has been the subject of several research analyst reports. Citigroup initiated coverage on shares of Korro Bio in a research note on Monday, May 18th. They set a “buy” rating and a $21.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research note on Wednesday, April 8th. JonesTrading upgraded shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Clear Str raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Finally, Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. Three 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 stock. According to MarketBeat, Korro Bio 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.