Korro Bio (NASDAQ:KRRO) Director Sells $398,552.00 in Stock

Key Points

• Korro Bio director Jean Francois Formela sold 28,468 shares at an average price of $14, generating $398,552. The transaction, conducted under a Rule 10b5-1 plan, reduced his ownership by 16.79% to 141,053 shares.
• Korro Bio shares rose 1.7% to $13.18, while the company reported a quarterly loss of $1.07 per share—better than the $1.34 analyst estimate. The stock has a market capitalization of approximately $194 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $16.71, although some firms continue to rate the stock as a sell.

Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report) Director Jean Francois Formela sold 28,468 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $14.00, for a total value of $398,552.00. Following the completion of the transaction, the director owned 141,053 shares in the company, valued at approximately $1,974,742. This represents a 16.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 Tuesday, August 11th, Jean Francois Formela sold 2,143 shares of Korro Bio stock. The shares were sold at an average price of $13.96, for a total value of $29,916.28.
• On Monday, July 6th, Jean Francois Formela sold 9,323 shares of Korro Bio stock. The stock was 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 shares were 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 transaction of $39,897.00.

Korro Bio Trading Up 1.7%

Shares of NASDAQ:KRRO traded up $0.22 during trading on Friday, reaching $13.18. The company had a trading volume of 45,704 shares, compared to its average volume of 196,184. The company has a fifty day moving average of $12.60 and a two-hundred day moving average of $12.23. The stock has a market capitalization of $194.09 million, a P/E ratio of -1.32 and a beta of 3.04. Korro Bio, Inc. has a 12 month low of $5.20 and a 12 month high of $55.89.

Korro Bio (NASDAQ:KRRO - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.27. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 114.26%. As a group, equities research analysts predict that Korro Bio, Inc. will post -4.97 earnings per share for the current year.

Institutional Trading of Korro Bio

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. bought a new position in Korro Bio during the 3rd quarter valued at approximately $39,000. Wells Fargo & Company MN grew its position in shares of Korro Bio by 45.5% in the 4th quarter. Wells Fargo & Company MN now owns 7,522 shares of the company's stock worth $60,000 after buying an additional 2,352 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Korro Bio by 15.2% during the first quarter. Bank of New York Mellon Corp now owns 21,730 shares of the company's stock valued at $246,000 after buying an additional 2,875 shares during the period. Millennium Management LLC increased its stake in shares of Korro Bio by 1.8% during the third quarter. Millennium Management LLC now owns 260,333 shares of the company's stock valued at $12,467,000 after buying an additional 4,650 shares during the period. Finally, Algert Global LLC bought a new position in shares of Korro Bio during the third quarter valued at approximately $340,000. Institutional investors own 13.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on KRRO. HC Wainwright restated a "buy" rating and issued a $15.00 target price on shares of Korro Bio in a research report on Thursday. JonesTrading upgraded shares of Korro Bio from a "hold" rating to a "strong-buy" rating in a report on Friday, May 8th. Wall Street Zen raised shares of Korro Bio from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Korro Bio in a report on Monday, July 6th. Finally, Citigroup started coverage on shares of Korro Bio in a research report on Monday, May 18th. They issued a "buy" rating and a $21.00 target price on the stock. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source