ProKidney (NASDAQ:PROK) Trading Down 6.8% – Here’s What Happened

ProKidney Corp. (NASDAQ:PROK) shares dropped 6.8% during mid-day trading on Friday . The stock traded as low as $2.37 and last traded at $2.3950. Approximately 690,601 shares changed hands during trading, a decline of 85% from the average daily volume of 4,477,947 shares. The stock had previously closed at $2.57.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PROK. Zacks Research downgraded ProKidney from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 18th. Weiss Ratings restated a “sell (d-)” rating on shares of ProKidney in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, ProKidney presently has an average rating of “Hold” and a consensus price target of $6.25.

ProKidney Price Performance

The business has a 50-day moving average of $2.72 and a 200-day moving average of $2.27. The company has a market capitalization of $702.45 million, a P/E ratio of -4.26 and a beta of 1.79.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.12). The business had revenue of $0.22 million for the quarter, compared to the consensus estimate of $0.04 million. Sell-side analysts predict that ProKidney Corp. will post -0.57 EPS for the current fiscal year.

Insider Buying and Selling at ProKidney

In other ProKidney news, Director Brian Jg Pereira sold 502,136 shares of the stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $2.37, for a total transaction of $1,190,062.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 41.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProKidney

Several hedge funds have recently modified their holdings of PROK. Millennium Management LLC purchased a new position in ProKidney during the 3rd quarter worth approximately $4,734,000. Virtu Financial LLC purchased a new position in shares of ProKidney during the 3rd quarter valued at approximately $203,000. Two Sigma Investments LP grew its position in shares of ProKidney by 40.4% in the third quarter. Two Sigma Investments LP now owns 99,282 shares of the company’s stock valued at $240,000 after purchasing an additional 28,583 shares during the period. Squarepoint Ops LLC purchased a new stake in ProKidney during the 3rd quarter worth approximately $834,000. Finally, UBS Group AG raised its stake in ProKidney by 7.0% in the 3rd quarter. UBS Group AG now owns 508,353 shares of the company’s stock valued at $1,230,000 after purchasing an additional 33,306 shares during the last quarter. 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.