ProKidney (NASDAQ:PROK) Stock Price Up 8.4% – Here’s Why

ProKidney Corp. (NASDAQ:PROK)’s share price rose 8.4% during mid-day trading on Friday . The stock traded as high as $2.07 and last traded at $2.07. Approximately 160,880 shares were traded during trading, a decline of 77% from the average daily volume of 694,584 shares. The stock had previously closed at $1.91.

Analysts Set New Price Targets

A number of brokerages have issued reports on PROK. Bank of America reduced their price objective on ProKidney from $4.00 to $3.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. JPMorgan Chase & Co. started coverage on ProKidney in a research report on Monday, September 30th. They issued a “neutral” rating on the stock. Finally, Guggenheim began coverage on ProKidney in a research note 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 given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.50.

ProKidney Stock Up 8.4 %

The stock has a market cap of $603.74 million, a PE ratio of -3.76 and a beta of 1.27. The firm has a fifty day moving average of $1.81 and a 200 day moving average of $2.29.

ProKidney (NASDAQ:PROK) last posted its earnings results on Tuesday, November 12th. The company reported ($0.14) earnings per share for the quarter, meeting the consensus estimate of ($0.14). On average, equities research analysts forecast that ProKidney Corp. will post -0.57 EPS for the current fiscal year.

Insider Activity

In related news, insider Darin J. Weber sold 16,412 shares of ProKidney 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 transaction, the insider now owns 103,480 shares of the company’s stock, valued at $258,700. This trade represents a 13.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 41.49% of the company’s stock.

Institutional Investors Weigh In On ProKidney

Hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its position in 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 purchasing an additional 55,266 shares during the period. Rhumbline Advisers lifted its position in ProKidney by 8.8% in the second quarter. Rhumbline Advisers now owns 76,190 shares of the company’s stock valued at $187,000 after purchasing an additional 6,181 shares during the last quarter. Marshall Wace LLP bought a new position in shares of ProKidney during the second quarter valued at approximately $124,000. AQR Capital Management LLC purchased a new stake in shares of ProKidney in the second quarter worth $50,000. Finally, The Manufacturers Life Insurance Company purchased a new position in ProKidney in the second quarter worth about $60,000. 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.