ProKidney (NASDAQ:PROK) Trading Down 0.7% – Should You Sell?

ProKidney Corp. (NASDAQ:PROK)’s share price traded down 0.7% on Thursday . The company traded as low as $1.48 and last traded at $1.52. 790,961 shares traded hands during trading, a decline of 53% from the average daily volume of 1,675,586 shares. The stock had previously closed at $1.53.

Wall Street Analysts Forecast Growth

PROK has been the subject of a number of recent analyst reports. HC Wainwright restated a “buy” rating and set a $12.00 price target on shares of ProKidney in a report on Monday, May 18th. Wall Street Zen lowered ProKidney from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings raised ProKidney from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

ProKidney Stock Performance

The company has a market capitalization of $453.09 million, a price-to-earnings ratio of -2.83 and a beta of 1.61. The firm’s 50-day simple moving average is $1.75 and its 200-day simple moving average is $1.94.

ProKidney (NASDAQ:PROK) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The firm had revenue of $0.23 million for the quarter, compared to analyst estimates of $0.10 million. Equities research analysts forecast that ProKidney Corp. will post -0.49 earnings per share for the current year.

Hedge Funds Weigh In On ProKidney

Several large investors have recently added to or reduced their stakes in PROK. Hennion & Walsh Asset Management Inc. increased its position in shares of ProKidney by 14.6% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 1,847,749 shares of the company’s stock valued at $3,769,000 after purchasing an additional 236,056 shares during the period. FNY Investment Advisers LLC boosted its stake in ProKidney by 2,000.0% during the second quarter. FNY Investment Advisers LLC now owns 21,000 shares of the company’s stock worth $42,000 after buying an additional 20,000 shares in the last quarter. Bank of America Corp DE boosted its stake in ProKidney by 6.7% during the first quarter. Bank of America Corp DE now owns 753,412 shares of the company’s stock worth $1,349,000 after buying an additional 47,268 shares in the last quarter. Amundi increased its holdings in ProKidney by 7.2% in the 1st quarter. Amundi now owns 291,708 shares of the company’s stock valued at $522,000 after buying an additional 19,466 shares during the period. Finally, SummitTX Capital L.P. bought a new stake in ProKidney in the 1st quarter valued at $26,000. 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.