ProKidney (NASDAQ:PROK) Shares Down 7.3% – Here’s What Happened

ProKidney Corp. (NASDAQ:PROK)’s share price traded down 7.3% during mid-day trading on Monday . The stock traded as low as $2.36 and last traded at $2.3450. 316,306 shares changed hands during trading, a decline of 93% from the average session volume of 4,284,937 shares. The stock had previously closed at $2.53.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PROK. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProKidney in a report on Wednesday, October 8th. HC Wainwright began 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 investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $7.40.

ProKidney Price Performance

The firm has a market capitalization of $661.83 million, a price-to-earnings ratio of -4.00 and a beta of 1.79. The business’s 50-day simple moving average is $2.51 and its two-hundred day simple moving average is $2.48.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). The company had revenue of $0.22 million during the quarter, compared to analyst estimates of $0.04 million. Sell-side analysts anticipate that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insider Buying and Selling 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 stock was sold at an average price of $2.37, for a total value of $1,190,062.32. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 41.49% of the company’s stock.

Institutional Trading of ProKidney

Hedge funds have recently made changes to their positions in the business. Millennium Management LLC purchased a new position in shares of ProKidney in the third quarter valued at approximately $4,734,000. JPMorgan Chase & Co. lifted its holdings in ProKidney by 3,024.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,668,642 shares of the company’s stock worth $988,000 after buying an additional 1,615,243 shares in the last quarter. Bank of America Corp DE boosted its position in ProKidney by 12.4% in the 2nd quarter. Bank of America Corp DE now owns 846,154 shares of the company’s stock valued at $501,000 after buying an additional 93,322 shares during the period. Charles Schwab Investment Management Inc. boosted its position in ProKidney by 8.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 825,647 shares of the company’s stock valued at $723,000 after buying an additional 65,860 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of ProKidney in the second quarter worth $350,000. Institutional investors and hedge funds 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.