Insider Selling: Korro Bio (NASDAQ:KRRO) Director Sells $29,916.28 in Stock

Key Points

• Korro Bio director Jean Francois Formela sold 2,143 shares at an average price of $13.96, totaling $29,916.28. The sale, conducted under a pre-arranged Rule 10b5-1 plan, reduced his holdings by 1.45% to 145,937 shares.
• Formela has made several additional sales in recent months, including more than 100,000 shares in July and 119,005 shares in June, indicating continued insider selling.
• Korro Bio shares recently traded at $13.29, while the company reported a quarterly loss of $1.07 per share—better than expected—and $1.50 million in revenue. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $16.71.

Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report) Director Jean Francois Formela sold 2,143 shares of the business's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $13.96, for a total value of $29,916.28. Following the completion of the transaction, the director owned 145,937 shares of the company's stock, valued at $2,037,280.52. This represents a 1.45% decrease in their position. The transaction was disclosed in a legal filing 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 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 Thursday, July 2nd, Jean Francois Formela sold 100,700 shares of Korro Bio stock. The stock was sold at an average price of $14.03, for a total transaction of $1,412,821.00.
• 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 value of $707,679.18.
• On Tuesday, June 23rd, Jean Francois Formela sold 119,005 shares of Korro Bio stock. The shares were sold at an average price of $14.25, for a total transaction 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 transaction 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 Trading Down 0.4%

NASDAQ KRRO traded down $0.06 on Thursday, hitting $13.29. 113,826 shares of the company traded hands, compared to its average volume of 200,926. The business's 50 day moving average price is $12.30 and its 200-day moving average price is $12.16. Korro Bio, Inc. has a 52-week low of $5.20 and a 52-week high of $55.89. The company has a market capitalization of $195.76 million, a price-to-earnings ratio of -1.33 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, topping analysts' consensus estimates of ($1.34) by $0.27. Korro Bio had a negative return on equity of 114.26% and a negative net margin of 1,834.48%.The business had revenue of $1.50 million during the quarter, compared to analysts' expectations of $0.21 million. As a group, sell-side analysts predict that Korro Bio, Inc. will post -4.97 earnings per share for the current year.

Hedge Funds Weigh In On Korro Bio

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. purchased a new stake in Korro Bio in the 3rd quarter worth $39,000. Wells Fargo & Company MN boosted its holdings in shares of Korro Bio by 45.5% during the 4th 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 during the last quarter. Guggenheim Capital LLC purchased a new position in shares of Korro Bio during the fourth quarter valued at about $84,000. Jain Global LLC purchased a new position in shares of Korro Bio during the fourth quarter valued at about $85,000. Finally, Deutsche Bank AG increased its holdings in shares of Korro Bio by 241.9% in the fourth quarter. Deutsche Bank AG now owns 12,758 shares of the company's stock worth $102,000 after purchasing an additional 9,027 shares during the last quarter. Hedge funds and other institutional investors own 13.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Lifesci Capital upgraded shares of Korro Bio to a "strong-buy" rating in a research note on Friday, May 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of Korro Bio in a research note on Monday, July 6th. Citigroup started coverage on shares of Korro Bio in a research report on Monday, May 18th. They set a "buy" rating and a $21.00 price objective on the stock. HC Wainwright dropped their target price on shares of Korro Bio from $20.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, May 19th. Finally, JonesTrading upgraded Korro Bio from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 8th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Korro Bio has a consensus rating of "Moderate Buy" and an average target price of $16.71.

Korro Bio Company Profile

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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