ProKidney (NASDAQ:PROK) Stock Price Down 7.6% – What’s Next?

ProKidney Corp. (NASDAQ:PROK) shares dropped 7.6% on Tuesday . The stock traded as low as $1.80 and last traded at $1.7930. Approximately 527,872 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 835,958 shares. The stock had previously closed at $1.94.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PROK. HC Wainwright began coverage on ProKidney in a report on Tuesday, December 16th. They issued a “buy” rating and a $12.00 price objective for the company. Jefferies Financial Group raised ProKidney to a “strong-buy” rating in a report on Wednesday, March 18th. Wall Street Zen lowered ProKidney from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProKidney in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, ProKidney presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.40.

ProKidney Stock Down 6.4%

The firm’s 50 day moving average is $2.14 and its two-hundred day moving average is $2.42. The stock has a market cap of $546.01 million, a price-to-earnings ratio of -3.49 and a beta of 1.75.

ProKidney (NASDAQ:PROK) last issued its earnings results on Wednesday, March 18th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.23 million during the quarter, compared to analyst estimates of $0.00 million. On average, analysts anticipate that ProKidney Corp. will post -0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC bought a new stake in ProKidney during the 3rd quarter valued at $4,734,000. Artia Global Partners LP bought a new position in shares of ProKidney in the fourth quarter worth $4,118,000. JPMorgan Chase & Co. increased its holdings in shares of ProKidney by 3,024.9% during the second quarter. JPMorgan Chase & Co. now owns 1,668,642 shares of the company’s stock valued at $988,000 after purchasing an additional 1,615,243 shares during the period. Renaissance Technologies LLC increased its holdings in shares of ProKidney by 578.6% during the fourth quarter. Renaissance Technologies LLC now owns 895,705 shares of the company’s stock valued at $2,006,000 after purchasing an additional 763,705 shares during the period. Finally, Jane Street Group LLC bought a new stake in shares of ProKidney during the second quarter valued at about $350,000. 51.59% of the stock is currently owned by institutional investors.

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.