Key Points
- Korro Bio director Jean Francois Formela sold 48,438 shares on June 24 at an average price of $14.61, totaling about $707,679. The sale reduced his ownership by 22.22% and was made under a pre-arranged Rule 10b5-1 plan.
- Formela has been actively selling shares recently, including a much larger sale of 119,005 shares on June 23 for about $1.70 million, plus additional sales on June 22 and May 28.
- KRRO remains a volatile biotech stock: it opened at $13.77, has a market cap of about $198.6 million, and the company recently posted a quarterly loss that missed analyst estimates. Despite that, Wall Street’s overall view is still Moderate Buy with an average price target of $16.71.
Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report) Director Jean Francois Formela sold 3,962 shares of Korro Bio stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $13.95, for a total value of $55,269.90. Following the sale, the director directly owned 194,075 shares in the company, valued at $2,707,346.25. The trade was a 2.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through 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, 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 value of $1,695,821.25.
- On Thursday, May 28th, Jean Francois Formela sold 2,860 shares of Korro Bio stock. The shares were sold at an average price of $13.95, for a total transaction of $39,897.00.
Korro Bio Price Performance
NASDAQ:KRRO opened at $13.77 on Thursday. The firm's 50 day simple moving average is $12.20 and its 200 day simple moving average is $11.14. Korro Bio, Inc. has a one year low of $5.20 and a one year high of $55.89. The company has a market cap of $198.56 million, a PE ratio of -1.18 and a beta of 3.00.
Korro Bio (NASDAQ:KRRO - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.09). Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 117.86%. Equities research analysts expect that Korro Bio, Inc. will post -5.36 EPS for the current year.
Institutional Investors Weigh In On Korro Bio
Large investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new position in Korro Bio during the third quarter worth $39,000. PNC Financial Services Group Inc. acquired a new position in Korro Bio in the third quarter valued at $140,000. Algert Global LLC bought a new stake in Korro Bio during the third quarter valued at $340,000. Wells Fargo & Company MN boosted its position in Korro Bio by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,522 shares of the company's stock valued at $60,000 after acquiring an additional 2,352 shares during the last quarter. Finally, Alliancebernstein L.P. acquired a new stake in Korro Bio during the 3rd quarter worth about $369,000. 13.18% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on KRRO shares. Cantor Fitzgerald increased their price objective on Korro Bio from $21.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, March 13th. Raymond James Financial raised Korro Bio from a "market perform" rating to an "outperform" rating and set a $23.00 target price on the stock in a report on Friday, March 13th. Lifesci Capital upgraded Korro Bio to a "strong-buy" rating in a research report on Friday, May 29th. JonesTrading raised Korro Bio from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 8th. Finally, HC Wainwright lowered their price objective on Korro Bio from $20.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, May 19th. 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $16.71.
View Our Latest Stock Report on KRRO
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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