ProKidney (NASDAQ:PROK) Shares Gap Down After Insider Selling

ProKidney Corp. (NASDAQ:PROK)’s stock price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $2.84, but opened at $2.77. ProKidney shares last traded at $2.25, with a volume of 344,684 shares trading hands.

Specifically, SVP Darin J. Weber sold 17,238 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $2.50, for a total transaction of $43,095.00. Following the completion of the sale, the senior vice president now owns 172,432 shares of the company’s stock, valued at approximately $431,080. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Darin J. Weber sold 84,103 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $1.73, for a total value of $145,498.19. Following the completion of the sale, the senior vice president now owns 189,670 shares of the company’s stock, valued at approximately $328,129.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Darin J. Weber sold 17,238 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $2.50, for a total transaction of $43,095.00. Following the completion of the sale, the senior vice president now directly owns 172,432 shares of the company’s stock, valued at approximately $431,080. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,641 shares of company stock valued at $189,100. Corporate insiders own 44.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Morgan Stanley began coverage on shares of ProKidney in a research note on Thursday, March 7th. They issued an “equal weight” rating and a $3.00 price target for the company. Bank of America lowered shares of ProKidney from a “buy” rating to a “neutral” rating in a report on Tuesday, January 2nd.

ProKidney Trading Down 15.5 %

The firm’s fifty day moving average price is $1.59 and its 200 day moving average price is $1.81. The stock has a market capitalization of $550.43 million, a price-to-earnings ratio of -4.21 and a beta of 1.08.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings data on Thursday, March 21st. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.10. On average, analysts forecast that ProKidney Corp. will post -0.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProKidney

A number of hedge funds have recently added to or reduced their stakes in PROK. Lazard Asset Management LLC acquired a new stake in ProKidney during the 2nd quarter worth approximately $31,000. Tower Research Capital LLC TRC lifted its holdings in ProKidney by 98.5% during the 1st quarter. Tower Research Capital LLC TRC now owns 4,456 shares of the company’s stock worth $50,000 after buying an additional 2,211 shares in the last quarter. Legal & General Group Plc acquired a new stake in ProKidney during the 4th quarter worth approximately $57,000. Ameritas Investment Partners Inc. acquired a new stake in ProKidney during the 2nd quarter worth approximately $57,000. Finally, UBS Group AG lifted its holdings in ProKidney by 97.5% during the 1st quarter. UBS Group AG now owns 5,209 shares of the company’s stock worth $59,000 after buying an additional 2,571 shares in the last quarter. 51.59% of the stock is currently owned by institutional investors and hedge funds.

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.