ProKidney (NASDAQ:PROK) Trading Down 5.3% – What’s Next?

ProKidney Corp. (NASDAQ:PROK) was down 5.3% on Monday . The stock traded as low as $1.70 and last traded at $1.7050. Approximately 403,644 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 913,568 shares. The stock had previously closed at $1.80.

Analysts Set New Price Targets

PROK has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProKidney in a report on Tuesday, April 21st. Jefferies Financial Group upgraded ProKidney to a “strong-buy” rating in a research note on Wednesday, March 18th. Wall Street Zen lowered ProKidney from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Finally, HC Wainwright reissued a “buy” rating and issued a $12.00 price objective on shares of ProKidney in a report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.40.

ProKidney Stock Up 0.5%

The firm has a market cap of $507.16 million, a P/E ratio of -3.13 and a beta of 1.64. The business has a fifty day moving average of $1.84 and a 200 day moving average of $2.06.

ProKidney (NASDAQ:PROK) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The business had revenue of $0.23 million during the quarter, compared to analysts’ expectations of $0.10 million. Research analysts expect that ProKidney Corp. will post -0.49 EPS for the current year.

Institutional Investors Weigh In On ProKidney

A number of large investors have recently added to or reduced their stakes in PROK. AQR Capital Management LLC boosted its position in 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 during the period. 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 purchasing an additional 1,615,243 shares during the period. Marshall Wace LLP acquired a new stake in shares of ProKidney during the 2nd quarter worth about $274,000. Jane Street Group LLC acquired a new stake in shares of ProKidney during the 2nd quarter worth about $350,000. Finally, Bank of America Corp DE grew its stake in ProKidney by 12.4% in the 2nd quarter. Bank of America Corp DE now owns 846,154 shares of the company’s stock valued at $501,000 after buying an additional 93,322 shares during the last quarter. Institutional investors 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.