Insider Selling: Korro Bio (NASDAQ:KRRO) Director Sells $1,412,821.00 in Stock

by · The Markets Daily

Korro Bio, Inc. (NASDAQ:KRRO – Get Free Report) Director Jean Francois Formela sold 100,700 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $14.03, for a total transaction of $1,412,821.00. Following the transaction, the director owned 154,811 shares of the company’s stock, valued at approximately $2,171,998.33. This trade represents a 39.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 shares were sold at an average price of $13.96, for a total transaction of $130,149.08.
  • 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 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

KRRO stock traded up $0.43 on Tuesday, hitting $14.49. 245,006 shares of the company’s stock were exchanged, compared to its average volume of 211,665. The firm has a 50 day moving average price of $12.12 and a two-hundred day moving average price of $11.45. Korro Bio, Inc. has a 12-month low of $5.20 and a 12-month high of $55.89. The stock has a market cap of $208.95 million, a P/E ratio of -1.24 and a beta of 3.00.

Korro Bio (NASDAQ:KRRO – Get Free Report) last issued 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%. Sell-side analysts expect that Korro Bio, Inc. will post -5.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. JonesTrading raised shares of Korro Bio from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Raymond James Financial raised shares of Korro Bio from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a report on Friday, March 13th. Lifesci Capital raised shares of Korro Bio to a “strong-buy” rating in a report on Friday, May 29th. HC Wainwright dropped their price objective on shares of Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, May 19th. Finally, Wall Street Zen raised Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Korro Bio currently has a consensus rating of “Moderate Buy” and an average price target of $16.71.

View Our Latest Analysis on Korro Bio

Hedge Funds Weigh In On Korro Bio

Several hedge funds and other institutional investors have recently bought and sold shares of KRRO. Affinity Asset Advisors LLC acquired a new stake in Korro Bio during the 1st quarter valued at approximately $8,002,000. Nantahala Capital Management LLC acquired a new stake in shares of Korro Bio in the fourth quarter worth $4,806,000. ADAR1 Capital Management LLC acquired a new stake in shares of Korro Bio in the first quarter worth $6,113,000. TCG Crossover Management LLC purchased a new position in shares of Korro Bio during the third quarter worth $19,937,000. Finally, Vanguard Group Inc. raised its holdings in shares of Korro Bio by 2.3% during the third quarter. Vanguard Group Inc. now owns 395,659 shares of the company’s stock worth $18,948,000 after purchasing an additional 8,921 shares during the last quarter. Institutional investors and hedge funds own 13.18% of the company’s stock.

Korro Bio Company Profile

(Get Free Report)

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.

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