ProKidney (NASDAQ:PROK) Shares Gap Up to $2.39

ProKidney Corp. (NASDAQ:PROK) shares gapped up before the market opened on Tuesday . The stock had previously closed at $2.39, but opened at $2.50. ProKidney shares last traded at $2.36, with a volume of 59,957 shares.

Analyst Ratings Changes

PROK has been the topic of a number of research analyst reports. Jefferies Financial Group cut their price objective on shares of ProKidney from $15.00 to $6.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Bank of America cut their target price on ProKidney from $4.00 to $3.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Finally, Guggenheim started coverage on shares of ProKidney in a report on Tuesday. They set a “buy” rating and a $6.00 price objective on the stock.

ProKidney Stock Up 0.4 %

The firm has a market capitalization of $695.21 million, a P/E ratio of -4.19 and a beta of 1.10. The firm’s 50-day simple moving average is $2.27 and its 200-day simple moving average is $2.33.

ProKidney (NASDAQ:PROK) last released its earnings results on Friday, August 9th. The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.01. As a group, analysts expect that ProKidney Corp. will post -0.44 EPS for the current fiscal year.

Insider Transactions at ProKidney

In other ProKidney news, Director Pablo G. Legorreta bought 22,617,909 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were bought at an average price of $2.42 per share, with a total value of $54,735,339.78. Following the purchase, the director now owns 22,617,909 shares of the company’s stock, valued at $54,735,339.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 41.49% of the company’s stock.

Hedge Funds Weigh In On ProKidney

A number of large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its position in shares of ProKidney by 44.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 179,236 shares of the company’s stock worth $441,000 after acquiring an additional 55,266 shares in the last quarter. Marshall Wace LLP acquired a new position in ProKidney in the second quarter valued at approximately $124,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of ProKidney during the 2nd quarter worth approximately $106,000. The Manufacturers Life Insurance Company acquired a new position in ProKidney in the 2nd quarter valued at $60,000. Finally, AQR Capital Management LLC purchased a new stake in ProKidney in the 2nd quarter valued at $50,000. Hedge funds and other institutional investors 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.