ProKidney (NASDAQ:PROK) Trading Up 7.8% – Here’s What Happened

Shares of ProKidney Corp. (NASDAQ:PROK) were up 7.8% during mid-day trading on Wednesday . The company traded as high as $2.23 and last traded at $2.21. Approximately 47,678 shares were traded during trading, a decline of 93% from the average daily volume of 711,765 shares. The stock had previously closed at $2.05.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PROK shares. Guggenheim started coverage on shares of ProKidney in a report on Tuesday, September 10th. They set a “buy” rating and a $6.00 price target 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 for the company in a report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. assumed coverage on shares of ProKidney in a research report on Monday, September 30th. They issued a “neutral” rating for the company. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $4.50.

ProKidney Price Performance

The company’s 50-day moving average is $1.96 and its 200-day moving average is $2.39.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.14) earnings per share for the quarter, hitting the consensus estimate of ($0.14). Analysts expect that ProKidney Corp. will post -0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Darin J. Weber sold 16,412 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 103,480 shares of the company’s stock, valued at $258,700. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 41.49% of the company’s stock.

Institutional Investors Weigh In On ProKidney

A number of hedge funds and other institutional investors have recently made changes to their positions in PROK. Charles Schwab Investment Management Inc. increased its stake in ProKidney by 150.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 749,718 shares of the company’s stock valued at $1,439,000 after buying an additional 450,548 shares during the last quarter. Bank of New York Mellon Corp grew 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 valued at $441,000 after acquiring an additional 55,266 shares during the period. Rhumbline Advisers grew its position in shares of ProKidney by 8.8% in the 2nd quarter. Rhumbline Advisers now owns 76,190 shares of the company’s stock valued at $187,000 after acquiring an additional 6,181 shares during the period. Marshall Wace LLP bought a new stake in shares of ProKidney during the 2nd quarter worth about $124,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of ProKidney during the 2nd quarter worth about $106,000. 51.59% of the stock is currently owned by institutional investors and hedge funds.

ProKidney Company Profile

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.