Key Points
- Korro Bio director Jean Francois Formela sold 28,468 shares for $398,552 at an average price of $14.00 under a pre-arranged Rule 10b5-1 trading plan, reducing his direct ownership by 16.79% to 141,053 shares.
- The sale follows several additional insider transactions, including the sale of more than 100,000 shares in July and 119,005 shares in June, indicating continued insider selling.
- Korro Bio recently reported a quarterly loss of $1.07 per share, beating estimates of a $1.34 loss. Despite ongoing losses, analysts maintain a “Moderate Buy” consensus with an average price target of $16.71, compared with the stock’s Friday open of $13.18.
Korro Bio, Inc. (NASDAQ:KRRO - Get Free Report) Director Jean Francois Formela sold 28,468 shares of the business's stock in a transaction that occurred 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 directly 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 transaction was disclosed in a filing with the SEC, which can be accessed 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 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 transaction of $29,916.28.
- 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 shares were 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 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 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 shares were sold at an average price of $13.95, for a total transaction of $39,897.00.
Korro Bio Stock Up 1.7%
Shares of KRRO stock opened at $13.18 on Friday. The stock has a market cap of $194.14 million, a P/E ratio of -1.32 and a beta of 3.04. Korro Bio, Inc. has a 52 week low of $5.20 and a 52 week high of $55.89. The company's fifty day simple moving average is $12.63 and its two-hundred day simple moving average is $12.24.
Korro Bio (NASDAQ:KRRO - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($1.07) earnings per share for the quarter, beating 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%. On average, analysts anticipate that Korro Bio, Inc. will post -4.97 EPS for the current fiscal year.
Hedge Funds Weigh In On Korro Bio
A number of institutional investors and hedge funds have recently modified their holdings of KRRO. BlackRock Inc. bought a new position in shares of Korro Bio during the 2nd quarter valued at approximately $10,776,000. Affinity Asset Advisors LLC purchased a new position in Korro Bio during the first quarter worth $8,002,000. Nantahala Capital Management LLC purchased a new position in Korro Bio during the second quarter worth $8,699,274,000. ADAR1 Capital Management LLC bought a new position in Korro Bio during the second quarter valued at $7,118,000. Finally, TCG Crossover Management LLC bought a new position in Korro Bio during the third quarter valued at $19,937,000. Hedge funds and other institutional investors own 13.18% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have issued reports on KRRO. JonesTrading raised Korro Bio from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 8th. Wall Street Zen upgraded shares of Korro Bio from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Korro Bio in a research note on Monday, July 6th. Lifesci Capital upgraded shares of Korro Bio to a "strong-buy" rating in a research report on Friday, May 29th. Finally, HC Wainwright reissued a "buy" rating and issued a $15.00 price objective on shares of Korro Bio in a research note on Thursday. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Korro Bio currently has a consensus rating of "Moderate Buy" and an average target price of $16.71.
View Our Latest Stock Report on KRRO
About Korro Bio
(
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.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
