ProKidney (NASDAQ:PROK) Trading Down 8.8% – Here’s What Happened

ProKidney Corp. (NASDAQ:PROK)’s share price dropped 8.8% during trading on Tuesday . The stock traded as low as $1.95 and last traded at $1.96. Approximately 224,736 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 713,049 shares. The stock had previously closed at $2.15.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PROK shares. JPMorgan Chase & Co. started coverage on shares of ProKidney in a research report on Monday, September 30th. They set a “neutral” rating for the company. Bank of America decreased their price target on shares of ProKidney from $4.00 to $3.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Finally, Guggenheim initiated coverage on ProKidney in a research report on Tuesday, September 10th. They set a “buy” rating and a $6.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, ProKidney has an average rating of “Hold” and an average target price of $4.50.

ProKidney Price Performance

The firm’s fifty day simple moving average is $1.96 and its 200 day simple moving average is $2.39. The company has a market capitalization of $622.79 million, a price-to-earnings ratio of -3.91 and a beta of 1.11.

ProKidney (NASDAQ:PROK) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.14) EPS for the quarter, hitting analysts’ consensus estimates of ($0.14). Equities research analysts forecast that ProKidney Corp. will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Darin J. Weber sold 16,412 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $2.50, for a total transaction of $41,030.00. Following the transaction, the insider now directly owns 103,480 shares in the company, valued at $258,700. The trade was a 13.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 41.49% of the company’s stock.

Hedge Funds Weigh In On ProKidney

A number of hedge funds have recently added to or reduced their stakes in PROK. Suvretta Capital Management LLC grew its position in ProKidney by 32.1% in the third quarter. Suvretta Capital Management LLC now owns 12,341,266 shares of the company’s stock worth $23,695,000 after acquiring an additional 3,000,000 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in ProKidney by 90.6% in the third quarter. MetLife Investment Management LLC now owns 62,660 shares of the company’s stock worth $120,000 after purchasing an additional 29,789 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in ProKidney by 54.6% during the third quarter. The Manufacturers Life Insurance Company now owns 37,981 shares of the company’s stock worth $73,000 after buying an additional 13,415 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in ProKidney by 150.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 749,718 shares of the company’s stock worth $1,439,000 after buying an additional 450,548 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in ProKidney during the third quarter valued at about $46,000. Institutional investors and hedge funds own 51.59% of the company’s stock.

About ProKidney

ProKidney Corp., a clinical-stage biotechnology company, provides transformative proprietary cell therapy platform for treating various chronic kidney diseases in the United States. The company's lead product is Renal Autologous Cell Therapy (REACT), an autologous homologous cell admixture, which has completed Phase I clinical trial for REACT in patients with congenital anomalies of the Kidney and Urinary Tract (CAKUT), as well as in Phase III and Phase II clinical trials for the treatment of moderate to severe diabetic kidney disease.