ProKidney (NASDAQ:PROK) Shares Gap Down – Should You Sell?

ProKidney Corp. (NASDAQ:PROK) gapped down before the market opened on Tuesday . The stock had previously closed at $1.83, but opened at $1.77. ProKidney shares last traded at $1.77, with a volume of 25,112 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. initiated coverage on shares of ProKidney in a research report on Monday, September 30th. They issued a “neutral” rating for the company. Guggenheim initiated coverage on ProKidney in a report on Tuesday, September 10th. They issued a “buy” rating and a $6.00 price objective for the company. Finally, Bank of America cut their price objective on ProKidney from $4.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.50.

ProKidney Stock Performance

The company’s fifty day moving average price is $1.85 and its 200 day moving average price is $2.36. The firm has a market capitalization of $539.57 million, a price-to-earnings ratio of -3.42 and a beta of 1.11.

ProKidney (NASDAQ:PROK) last issued its earnings results on Tuesday, November 12th. The company reported ($0.14) EPS for the quarter, meeting analysts’ consensus estimates of ($0.14). As a group, sell-side analysts expect that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insider Activity at ProKidney

In related news, insider Darin J. Weber sold 16,412 shares of ProKidney stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $2.50, for a total value of $41,030.00. Following the sale, the insider now directly owns 103,480 shares in the company, valued at $258,700. This trade represents a 13.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 41.49% of the company’s stock.

Institutional Investors Weigh In On ProKidney

Several large investors have recently made changes to their positions in PROK. Castleview Partners LLC bought a new position in ProKidney in the 3rd quarter worth approximately $63,000. The Manufacturers Life Insurance Company acquired a new position in ProKidney during the 2nd quarter worth $60,000. AQR Capital Management LLC bought a new position in shares of ProKidney in the second quarter worth $50,000. Marshall Wace LLP acquired a new position in shares of ProKidney during the second quarter valued at $124,000. Finally, Rhumbline Advisers increased its holdings in shares of ProKidney by 8.8% during the second quarter. Rhumbline Advisers now owns 76,190 shares of the company’s stock valued at $187,000 after purchasing an additional 6,181 shares during the period. Institutional investors and hedge funds own 51.59% of the company’s stock.

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.