ProKidney (NASDAQ:PROK) Shares Down 8.8% – What’s Next?

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

Wall Street Analyst Weigh In

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

ProKidney Stock Up 3.9 %

The firm has a market cap of $622.79 million, a P/E ratio of -3.91 and a beta of 1.11. The business’s 50 day moving average is $1.96 and its 200-day moving average is $2.39.

ProKidney (NASDAQ:PROK) last issued its earnings results on Tuesday, November 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.14). As a group, equities analysts predict that ProKidney Corp. will post -0.52 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Darin J. Weber sold 16,412 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $2.50, for a total transaction of $41,030.00. Following the completion of the transaction, the insider now 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 document filed with the SEC, which is available through this hyperlink. 41.49% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ProKidney

Hedge funds have recently added to or reduced their stakes in the stock. Suvretta Capital Management LLC raised its stake in ProKidney by 32.1% during the 3rd quarter. Suvretta Capital Management LLC now owns 12,341,266 shares of the company’s stock valued at $23,695,000 after acquiring an additional 3,000,000 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position 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 in the last quarter. Bank of New York Mellon Corp increased its stake in ProKidney by 44.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 179,236 shares of the company’s stock valued at $441,000 after buying an additional 55,266 shares during the period. Marshall Wace LLP acquired a new position in ProKidney during the 2nd quarter valued at about $124,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in ProKidney during the second quarter worth approximately $106,000. 51.59% of the stock is currently owned by institutional investors.

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.