ProKidney (NASDAQ:PROK) Stock Price Up 8.7% – Time to Buy?

Shares of ProKidney Corp. (NASDAQ:PROK) traded up 8.7% during trading on Tuesday . The company traded as high as $1.80 and last traded at $1.81. 286,332 shares traded hands during trading, a decline of 48% from the average session volume of 553,330 shares. The stock had previously closed at $1.66.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. started coverage on ProKidney in a report on Monday, September 30th. They issued a “neutral” rating on the stock. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $4.50.

ProKidney Stock Performance

The firm’s 50-day moving average price is $1.78 and its two-hundred day moving average price is $1.99. The firm has a market cap of $495.82 million, a PE ratio of -3.09 and a beta of 1.32.

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

Institutional Investors Weigh In On ProKidney

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in ProKidney by 150.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 749,718 shares of the company’s stock valued at $1,439,000 after purchasing an additional 450,548 shares during the last quarter. Suvretta Capital Management LLC boosted its stake in shares of ProKidney by 32.1% during the third quarter. Suvretta Capital Management LLC now owns 12,341,266 shares of the company’s stock worth $23,695,000 after buying an additional 3,000,000 shares during the period. Geode Capital Management LLC grew its holdings in shares of ProKidney by 102.0% during the third quarter. Geode Capital Management LLC now owns 2,203,934 shares of the company’s stock worth $4,232,000 after buying an additional 1,112,933 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in ProKidney in the 4th quarter valued at about $961,000. Finally, State Street Corp raised its stake in ProKidney by 16.2% during the 3rd quarter. State Street Corp now owns 1,428,318 shares of the company’s stock valued at $2,742,000 after acquiring an additional 198,836 shares during the last quarter. 51.59% of the stock is owned by institutional investors and hedge funds.

About ProKidney

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.