ProKidney (NASDAQ:PROK) Stock Price Down 5.5% – What’s Next?

ProKidney Corp. (NASDAQ:PROK) fell 5.5% on Thursday . The company traded as low as $2.15 and last traded at $2.1550. 358,174 shares were traded during mid-day trading, a decline of 63% from the average session volume of 973,694 shares. The stock had previously closed at $2.28.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PROK shares. Weiss Ratings restated a “sell (d-)” rating on shares of ProKidney in a report on Wednesday, October 8th. HC Wainwright started coverage on shares of ProKidney in a research report on Tuesday, December 16th. They set a “buy” rating and a $12.00 price target on the stock. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $7.40.

ProKidney Stock Performance

The company’s 50-day moving average price is $2.34 and its 200-day moving average price is $2.59. The firm has a market capitalization of $660.32 million, a PE ratio of -3.99 and a beta of 1.79.

ProKidney (NASDAQ:PROK) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.12) EPS for the quarter, meeting analysts’ consensus estimates of ($0.12). The business had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $0.04 million. As a group, analysts anticipate that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insider Activity at ProKidney

In related news, Director Brian Jg Pereira sold 502,136 shares of the business’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $2.37, for a total value of $1,190,062.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 41.49% of the stock is owned by company insiders.

Institutional Investors Weigh In On ProKidney

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zullo Investment Group Inc. purchased a new stake in ProKidney in the 3rd quarter valued at $28,000. Catalyst Funds Management Pty Ltd acquired a new stake in shares of ProKidney during the second quarter worth about $36,000. AQR Capital Management LLC grew its holdings in shares of ProKidney by 106.4% during the first quarter. AQR Capital Management LLC now owns 52,570 shares of the company’s stock worth $46,000 after buying an additional 27,098 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in ProKidney in the 3rd quarter valued at about $158,000. Finally, Virtu Financial LLC acquired a new stake in ProKidney during the 3rd quarter worth approximately $203,000. Hedge funds and other institutional investors own 51.59% of the company’s stock.

About ProKidney

ProKidney, Inc (NASDAQ: PROK) is a clinical-stage biotechnology company focused on developing cell-based therapies for kidney diseases. The company’s research and development activities center on harnessing human-derived proximal tubule cells to address conditions such as acute kidney injury (AKI) and chronic kidney disease (CKD). By targeting the underlying cellular mechanisms of renal injury and dysfunction, ProKidney aims to offer novel regenerative medicine approaches that go beyond current supportive care options.

ProKidney’s lead programs utilize proprietary methods for isolating and expanding renal epithelial cells to create injectable therapeutic products.