Jean Francois Formela Sells 3,962 Shares of Korro Bio (NASDAQ:KRRO) Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 3,962 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $13.95, for a total transaction of $55,269.90. Following the sale, the director directly owned 194,075 shares of the company’s stock, valued at $2,707,346.25. This represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through 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 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 transaction 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 transaction of $1,695,821.25.
• 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 transaction of $39,897.00.

Korro Bio Price Performance

KRRO stock opened at $12.17 on Friday. The firm has a market capitalization of $175.49 million, a P/E ratio of -1.04 and a beta of 3.00. Korro Bio, Inc. has a 52-week low of $5.20 and a 52-week high of $55.89. The company’s 50 day simple moving average is $12.16 and its 200-day simple moving average is $11.17.

Korro Bio (NASDAQ:KRRO) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($1.69) EPS for the quarter, missing analysts’ consensus estimates 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%. Sell-side analysts predict that Korro Bio, Inc. will post -5.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Korro Bio

A number of institutional investors have recently modified their holdings of KRRO. Russell Investments Group Ltd. acquired a new position in shares of Korro Bio in the third quarter worth $39,000. PNC Financial Services Group Inc. acquired a new stake in Korro Bio during the third quarter valued at $140,000. Algert Global LLC acquired a new stake in Korro Bio during the third quarter valued at $340,000. Wells Fargo & Company MN grew its stake in Korro Bio by 45.5% in the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company’s stock valued at $60,000 after purchasing an additional 2,352 shares in the last quarter. Finally, Alliancebernstein L.P. purchased a new position in Korro Bio in the third quarter valued at about $369,000. Institutional investors and hedge funds own 13.18% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on KRRO shares. Raymond James Financial raised Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 target price for the company in a research report on Friday, March 13th. Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. HC Wainwright decreased their price objective 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. Citigroup initiated coverage on Korro Bio in a research note on Monday, May 18th. They set a “buy” rating and a $21.00 target price on the stock. Finally, Cantor Fitzgerald upped their target price on Korro Bio from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, March 13th. 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. Based on data from MarketBeat, the company currently has a consensus 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.