ProKidney (NASDAQ:PROK) Trading Down 6.6% – Should You Sell?

ProKidney Corp. (NASDAQ:PROK) was down 6.6% during trading on Tuesday . The company traded as low as $1.97 and last traded at $1.99. Approximately 159,731 shares were traded during trading, a decline of 77% from the average daily volume of 698,210 shares. The stock had previously closed at $2.13.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PROK shares. JPMorgan Chase & Co. started coverage on ProKidney in a research report on Monday, September 30th. They set a “neutral” rating on the stock. Bank of America dropped their target price on 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 started coverage on ProKidney in a research report on Tuesday, September 10th. They issued a “buy” rating and a $6.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $4.50.

ProKidney Price Performance

The stock has a 50-day moving average of $1.81 and a 200-day moving average of $2.29.

ProKidney (NASDAQ:PROK) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.14) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.14). Equities analysts expect that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insider Buying and Selling at ProKidney

In other ProKidney news, insider Darin J. Weber sold 16,412 shares of the firm’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 value of $41,030.00. Following the completion of the transaction, the insider now directly owns 103,480 shares in the company, valued at $258,700. This trade represents a 13.69 % 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. Corporate insiders own 41.49% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Suvretta Capital Management LLC boosted its stake in shares of ProKidney by 32.1% during the 3rd 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 during the period. Castleview Partners LLC bought a new position in shares of ProKidney during the 3rd quarter worth approximately $63,000. The Manufacturers Life Insurance Company bought a new position in shares of ProKidney during the 2nd quarter worth approximately $60,000. AQR Capital Management LLC bought a new stake in ProKidney in the 2nd quarter valued at $50,000. Finally, Marshall Wace LLP bought a new stake in ProKidney in the 2nd quarter valued at $124,000. 51.59% of the stock is currently owned by institutional investors.

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.