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

Key Points

• Director Jean Francois Formela sold 40,045 Korro Bio shares at an average $14.30, receiving about $572,644. The sale was made under a pre-arranged Rule 10b5-1 plan, and he retained 121,219 shares.
• Korro Bio reported a quarterly loss of $0.98 per share, narrower than the $1.14 loss analysts expected. Shares later traded at $13.61, down $0.70 for the day.
• Analysts’ consensus rating is Buy, with an average price target of $17.29; ratings include three Strong Buys, six Buys and one Sell.

Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report) Director Jean Formela sold 40,045 shares of the company's stock in a transaction dated Thursday, November 12th. The shares were sold at an average price of $14.30, for a total transaction of $572,643.50. Following the sale, the director owned 121,219 shares of the company's stock, valued at approximately $1,733,431.70. The trade was a 24.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 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 value 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 value 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 value of $398,552.00.

Korro Bio Stock Performance

KRRO stock traded down $0.70 during trading on Friday, hitting $13.61. 78,960 shares of the company traded hands, compared to its average volume of 194,758. The firm has a market capitalization of $186.87 million, a PE ratio of -1.50 and a beta of 3.23. Korro Bio, Inc. has a 1 year low of $5.20 and a 1 year high of $17.35. The company has a 50-day moving average of $11.82 and a 200-day moving average of $12.15.

Korro Bio (NASDAQ:KRRO - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.98) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.14) by $0.16. Sell-side analysts expect that Korro Bio, Inc. will post -4.45 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Korro Bio in the 2nd quarter worth approximately $10,776,000. Nantahala Capital Management LLC purchased a new position in shares of Korro Bio during the second quarter valued at approximately $8,699,274. Affinity Asset Advisors LLC bought a new position in shares of Korro Bio during the first quarter valued at approximately $8,002,000. ADAR1 Capital Management LLC bought a new position in shares of Korro Bio during the second quarter valued at approximately $7,118,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Korro Bio by 81.9% during the first quarter. Renaissance Technologies LLC now owns 136,227 shares of the company's stock valued at $1,542,000 after acquiring an additional 61,327 shares in the last quarter. Hedge funds and other institutional investors own 13.18% of the company's stock.

Wall Street Analyst Weigh In

KRRO has been the subject of a number of analyst reports. Wall Street Zen raised Korro Bio from a "sell" rating to a "hold" rating in a research note on Saturday, November 7th. Jefferies Financial Group set a $15.00 target price on shares of Korro Bio in a research note on Tuesday, October 6th. HC Wainwright reiterated a "buy" rating and set a $15.00 price target on shares of Korro Bio in a report on Tuesday, October 6th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Korro Bio in a report on Friday, October 2nd. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price 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.

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