ProKidney (NASDAQ:PROK) Stock Price Up 6% – Here’s Why

ProKidney Corp. (NASDAQ:PROK) was up 6% during mid-day trading on Wednesday . The stock traded as high as $1.84 and last traded at $1.8450. 299,469 shares were traded during trading, a decline of 71% from the average session volume of 1,031,457 shares. The stock had previously closed at $1.74.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded ProKidney from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

ProKidney Trading Up 5.5%

The stock’s 50-day moving average price is $1.66 and its 200-day moving average price is $1.82. The company has a market capitalization of $554.76 million, a P/E ratio of -3.34 and a beta of 1.70.

ProKidney (NASDAQ:PROK) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.01). The firm had revenue of $0.15 million for the quarter, compared to analyst estimates of $0.19 million. Sell-side analysts expect that ProKidney Corp. will post -0.51 earnings per share for the current fiscal year.

Insider Transactions at ProKidney

In other ProKidney news, Director Brian Pereira sold 229,338 shares of ProKidney stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $1.37, for a total value of $314,193.06. Following the completion of the transaction, the director directly owned 445,897 shares in the company, valued at $610,878.89. The trade was a 33.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 757,164 shares of company stock valued at $1,067,315 over the last quarter. Company insiders own 39.83% of the company’s stock.

Institutional Trading of ProKidney

A number of institutional investors and hedge funds have recently made changes to their positions in PROK. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of ProKidney by 14.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,847,749 shares of the company’s stock worth $3,769,000 after purchasing an additional 236,056 shares during the last quarter. Artia Global Partners LP acquired a new stake in ProKidney in the fourth quarter worth $4,118,000. Renaissance Technologies LLC lifted its stake in ProKidney by 39.6% in the first quarter. Renaissance Technologies LLC now owns 1,250,794 shares of the company’s stock valued at $2,239,000 after buying an additional 355,089 shares during the last quarter. Bank of America Corp DE lifted its stake in ProKidney by 6.7% in the first quarter. Bank of America Corp DE now owns 753,412 shares of the company’s stock valued at $1,349,000 after buying an additional 47,268 shares during the last quarter. Finally, Amundi boosted its holdings in shares of ProKidney by 7.2% during the first quarter. Amundi now owns 291,708 shares of the company’s stock valued at $522,000 after acquiring an additional 19,466 shares during the period. 51.59% of the stock is currently owned by institutional investors and hedge funds.

ProKidney Company Profile

ProKidney Corporation (NASDAQ: PROK) is a biotechnology company focused on developing cell therapies for chronic kidney disease (CKD). Its lead investigational product, rilparencel, is an autologous cell therapy designed to use a patient’s own kidney cells to support kidney function and potentially delay or reduce the need for dialysis or kidney transplantation.

Rilparencel, formerly known as REACT, is being evaluated as a minimally invasive treatment intended for patients with advanced CKD.