Korro Bio (NASDAQ:KRRO) Director Jean Francois Formela Sells 40,045 Shares of Company Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Formela sold 40,045 shares of the company’s stock in a transaction on Thursday, November 12th. The stock was sold at an average price of $14.30, for a total transaction of $572,643.50. Following the completion of the transaction, the director owned 121,219 shares of the company’s stock, valued at $1,733,431.70. This trade represents a 24.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 Wednesday, November 11th, Jean Formela sold 26,587 shares of Korro Bio stock. The stock was sold at an average price of $15.08, for a total transaction of $400,931.96.
• On Wednesday, August 26th, Jean Formela sold 300 shares of Korro Bio stock. The stock was sold at an average price of $13.96, for a total transaction of $4,188.00.
• On Wednesday, August 19th, Jean Formela sold 28,468 shares of Korro Bio stock. The shares were sold at an average price of $14.00, for a total transaction of $398,552.00.

Korro Bio Stock Down 4.9%

Shares of KRRO traded down $0.70 during trading hours on Friday, reaching $13.61. 78,960 shares of the company traded hands, compared to its average volume of 194,758. Korro Bio, Inc. has a 12 month low of $5.20 and a 12 month high of $17.35. The company’s fifty day moving average price is $11.82 and its two-hundred day moving average price is $12.15. The company has a market capitalization of $186.87 million, a price-to-earnings ratio of -1.50 and a beta of 3.23.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.98) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.16. On average, analysts expect that Korro Bio, Inc. will post -4.45 EPS for the current year.

Institutional Trading of Korro Bio

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Korro Bio in the 2nd quarter worth about $10,776,000. Affinity Asset Advisors LLC bought a new position in shares of Korro Bio in the 1st quarter worth about $8,002,000. Nantahala Capital Management LLC bought a new position in shares of Korro Bio in the 2nd quarter worth about $8,699,274. ADAR1 Capital Management LLC purchased a new position in Korro Bio during the 2nd quarter valued at about $7,118,000. Finally, Kalehua Capital Management LLC purchased a new position in Korro Bio during the 1st quarter valued at about $1,238,000. Institutional investors own 13.18% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Jefferies Financial Group set a $15.00 price objective on Korro Bio in a research report on Tuesday, October 6th. Wall Street Zen raised Korro Bio from a “sell” rating to a “hold” rating in a research report on Saturday, November 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Korro Bio in a research note on Friday, October 2nd. Finally, HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of Korro Bio in a research note on Tuesday, October 6th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Korro Bio currently has an average rating of “Buy” and an average price target of $17.29.

About Korro Bio

Korro Bio is a clinical-stage biotechnology company headquartered in Cambridge, Massachusetts. It develops RNA-editing medicines intended to address genetic diseases by changing specific RNA sequences rather than altering a patient’s DNA. The company’s OPERA platform uses oligonucleotides to direct the body’s naturally occurring ADAR enzymes to edit targeted RNA. Korro has developed KRRO-110, an investigational candidate designed to correct a disease-associated RNA change linked to alpha-1 antitrypsin deficiency.