ProKidney (NASDAQ:PROK) Announces Quarterly Earnings Results, Meets Estimates

ProKidney (NASDAQ:PROK) announced its quarterly earnings results on Monday. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.12), Zacks reports.

ProKidney Trading Down 6.6%

NASDAQ:PROK traded down $0.19 during trading hours on Monday, hitting $2.70. 2,091,572 shares of the stock were exchanged, compared to its average volume of 4,746,031. The firm’s fifty day moving average price is $2.79 and its 200 day moving average price is $2.09. ProKidney has a 52-week low of $0.46 and a 52-week high of $7.13. The company has a market cap of $794.56 million, a P/E ratio of -4.74 and a beta of 1.75.

Institutional Trading of ProKidney

A number of institutional investors have recently made changes to their positions in PROK. AQR Capital Management LLC increased its position in shares of ProKidney by 106.4% during the first quarter. AQR Capital Management LLC now owns 52,570 shares of the company’s stock worth $46,000 after purchasing an additional 27,098 shares in the last quarter. Marshall Wace LLP purchased a new position in ProKidney in the 2nd quarter valued at $274,000. Jane Street Group LLC acquired a new stake in ProKidney during the 2nd quarter worth $350,000. Bank of America Corp DE grew its holdings in shares of ProKidney by 12.4% during the second quarter. Bank of America Corp DE now owns 846,154 shares of the company’s stock worth $501,000 after buying an additional 93,322 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of ProKidney by 3,024.9% in the second quarter. JPMorgan Chase & Co. now owns 1,668,642 shares of the company’s stock valued at $988,000 after buying an additional 1,615,243 shares during the last quarter. 51.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PROK has been the subject of several recent research reports. Guggenheim reaffirmed a “buy” rating and set a $7.00 target price (up from $6.00) on shares of ProKidney in a report on Monday, July 14th. UBS Group lifted their price objective on shares of ProKidney from $4.00 to $8.00 and gave the company a “buy” rating in a report on Tuesday, July 15th. Zacks Research lowered shares of ProKidney from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of ProKidney in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, ProKidney has an average rating of “Hold” and an average price target of $6.25.

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.